NEWSLETTER-2017

384 NEWSLETTER 2017 my opinion, the ultima ratio principle should be perceived as the main principle on terminations made in the Industry 4.0 period, and instead of people, the muscular power should be replaced and appropriate training and suitable job positions should be offered to employees. In the company-supplier relationship, however, blockchain of- fers fast transactions, lower transaction costs, and has the potential to transform business, and revolutionize cybersecurity 6 . Smart contracts on a blockchain collect any data arising from the contracts, and this helps to track every action taken with respect to the item. Principally, the data cannot be changed once it appears in the blockchain, and this helps to reduce fraud in the supply chain. Although an integral feature of the functionality and usefulness of blockchains, it is also discussed that immutability also poses the most significant challenge for the practical implementation and adoption of smart contracts at the level of industry 7 . The pros and cons of smart contracts are still debatable, because there is an absence of prevailing standards and regulations, and courts are unfamiliar with even the basic taxonomy of blockchains. While parties may simply add a Force Majeure clause to traditional contracts made in writing, for times when performing the contractual duties becomes impossible due to unforeseen reasons outside of the parties’ control, smart contracts may not leave some room for these kinds of demands of the parties. Lawyers will also add new clauses to the traditional contracts to determine who is at fault when a mistake occurs in a digital supply network while processing a transaction. For effective dispute resolution, the courts shall need more IT-experts to determine fault. Perhaps in the future we shall start to see big cyber- attacks and internet-crackdowns as the new Force Majeure. Unfortunately, two legal issues around big data are protecting the big data within the scope of intellectual property law, and fairly and lawfully collecting, processing and using it within the scope of www.erdem-erdem.av.tr/yayinlar/hukuk-postasi/isletmesel-karar-ile-is-akdinin- feshi/ (access date: 29.06.2017). 6 Please see: http://cyberlaw.stanford.edu/publications/opinion-tech-behind-bit- coin-could-reinvent-cybersecurity (access date: 29.06.2017). 7 Please see: http://www.mondaq.com/uk/x/601904/Smart+Contracts+The+Next+ Big+Battleground.