What is the digital economy and how does it transform the world we live in?
The term "digital economy" or "web economy", originally mentioned by a Japanese professor of economics in 1990, encompasses all the economic, commercial, business and social processes built by and relying on modern digital technologies. The term includes the online business industry, its software infrastructure, E-commerce and all the processes that support their smooth running and further development.
In recent years and decades, the digital economy has been developing so rapidly, that it became an integral part of the traditional economy itself. It is now applicable in a considerably wider range of industries - initially a tool for private trade mainly, today the healthcare, fintech, education, and even manufacturing and process industries are virtually unthinkable without digitalization and its economic aspect.
According to the United Nations Digital Economy Report of 2019, nowadays the United States and China are the two main drivers of the global digital economy. They hold patents for 75% of blockchain-related technologies, 75% of the cloud computing market and 90% of the market capitalization of the 70 largest digital platforms in the world. At the same time, in other parts of the world, only one in five people have access to the Internet, and statistically, only about half of the world's population is online.
As fast as it may seem to us that our world is changing, the truth is that digitalization and the digital economy are merely at the beginning of their rapid development. Except for the development and improvement of the technologies that underpin this process, the next very important problem that industries are globally facing is the design and follow-up of a single legal framework to regulate processes in the digital economy. This legal framework must flexibly but firmly follow the continuous innovations emerging in the sector and protect the best interests of all participants in the process.
Some of the major legal topics related to digital economy development include:
- Protection of personal data and intellectual property
- Legal framework for online transactions
- Regulation of Online trade and E-Commerce
- Legal measures against cybercrime
- Consultation of individuals, companies, and institutions on digitalization issues
Toshev & Boteva is strictly specialized in legal issues and legal regulations concerning the digital economy and its application in various industries and institutions. Our competencies cover digital privacy and cybersecurity, blockchain and cryptocurrencies, digital token devices, smart contracts and many other innovations to ensure the security of all digital endeavors.
Our team is always at the forefront of not only the application but also the very development of laws affecting our clients' digital initiatives. Our affiliate network extends beyond the borders of the country and we are actively exchanging experience with our colleagues in London, Brussels, the United Kingdom, Israel, the US, and China - an experience that helps us stay relevant to your digital needs.