blockchain


Blockchain Technology Will Transform the Practice of Law

The term “blockchain” refers to a decentralized digital ledger that combines powerful cryptography algorithms with a system of decentralized computing power that redundantly verifies transactions, which are ultimately recorded on a public digital ledger available to the world. … In the future, transactional lawyers may draft contracts that resemble how developers code software applications. In fact, future lawyers will likely need basic-to-intermediate training in coding in order to implement smart contracts based on the blockchain — a phenomenon that is already taking hold in the general population. In addition, lawyers will need to understand the intricacies of how these systems work in order to counsel clients on potential pitfalls and best practices in utilizing these systems for their business. … While this technology is only in its infancy, its application to business is developing at a rapid pace. With Goldman Sachs, Nasdaq and many other leading financial firms and companies investing hundreds of millions of dollars into blockchain technologies, one thing is clear — the lasting legacy of the blockchain is likely to be far greater than Bitcoin or any other single cryptocurrency. This has significant implications for lawyers and the business of law. Ultimately, however, this technology offers a great opportunity for those firms who can innovate. Those firms that are willing to adapt and embrace this technology will be able to provide more effective and efficient services, which will lead to a competitive advantage over those firms who do not evolve.