{
 "@context": "https://schema.org",
 "@type": "DefinedTerm",
 "@id": "https://wulfkaal.github.io/entities/legacy-institutions",
 "identifier": "kaal:entity:legacy-institutions",
 "name": "Legacy institutions",
 "termCode": "legacy-institutions",
 "inDefinedTermSet": {
  "@id": "https://wulfkaal.github.io/entities/index.json"
 },
 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0000-0003-0757-275X"
 },
 "dateModified": "2026-07-29",
 "canonicalForm": "https://wulfkaal.github.io/entities/legacy-institutions.md",
 "sha256": "22181263349dffd263d1a69032a8dfe4dcbf768a5ae1e97203274bbc3e923a11",
 "additionalProperty": [
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   "name": "status",
   "value": "derived"
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   "@type": "PropertyValue",
   "name": "claim_count",
   "value": 2
  },
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   "value": 2
  },
  {
   "@type": "PropertyValue",
   "name": "year_span",
   "value": [
    "2019",
    "2021"
   ]
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  }
 ],
 "subjectOf": [
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3406323-026",
   "identifier": "kaal:claim:3406323-026",
   "text": "Legacy insurers will not underwrite smart contracts that sit outside the traditional legal framework, and even if they eventually enter the DApp market their actuarial risk assessment methods may be only partially compatible with rapidly evolving decentralized products.",
   "abstract": "Most legacy insurance companies will not consider underwriting a smart contract that is not subject to the traditional legal framework.",
   "citation": "Wulf A. Kaal, Decentralization - A Primer on the New Economy (2019). SSRN: https://ssrn.com/abstract=3406323",
   "datePublished": "2019",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "legacy insurance companies facing smart contract risk"
   ],
   "source_pdf_sha256": "6293780b57a1ae1de17ec00f99cc94295d4f72ea4d08b17a5c08c44772b221db",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3782201-014",
   "identifier": "kaal:claim:3782201-014",
   "text": "The democracy and transparency achieved by the founders of current institutions has been subverted by the natural concentration of power that evolves under competition, leaving hierarchies ossified and likely too brittle to adopt processes derived from radically different information technologies.",
   "abstract": "The hierarchies have ossified. They are likely too brittle now, to adopt processes that come from such radically different in- formation technologies. Changes are likely to be seen as a threat to power and re- sisted.",
   "citation": "Craig Calcaterra, Wulf A. Kaal, Future of Decentralization (2021). SSRN: https://ssrn.com/abstract=3782201",
   "datePublished": "2021",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "legacy institutions whose legal constitutions predate modern information processing"
   ],
   "source_pdf_sha256": "bedf7bcfbb7a9b0112b5848cb0d941b1d41f330dafeee0143a30ff5e8aa53700",
   "status": "current"
  }
 ],
 "description": "2 claims in the published works of Wulf A. Kaal carry the concept tag 'legacy-institutions'. Derived node: a roster, not an adjudicated definition."
}