Joe Dewey and Shawn Amuial from Holland & Knight are writing a series of articles on blockchain technology and its potential application to the legal industry at Bloomberg. Below, the article sets out practical uses of the blockchain and its potential applications in the future.
But for even the most entrepreneurial firm, a successful approach to the blockchain is not necessarily intuitive. Consider another paradigm shifting technology — the internet. There are not many “internet” practice groups still in existence.
There are, however, lawyers across many disciplines who have a deep understanding of the technology and the regulatory regime imposed upon various stakeholders involved with the internet, such as internet service providers, content providers and social media companies. The spectrum of laws that now impact these industry players is too broad to list, covering everything from anti-trust laws to FCC regulations.
As a result, there are regulatory lawyers who specialize in net neutrality regulations, corporate lawyers who handle corporate affairs for companies like Facebook and litigators who litigate intellectual property disputes involving internet based applications and technologies. Will the same thing happen with the blockchain? To some extent, most likely. There is, however, something unique about the blockchain and its relationship to the legal profession inasmuch as the blockchain has direct implications on how contractual relationships are formed and enforced. As transformative as the internet was to society, it did not fundamentally change the manner in which people contracted for goods and services.
It provided tools to make contracting easier and more efficient, but it did not require any fundamental policy changes or significantly change how lawyers practice law. Even the nature of the internet is different than the blockchain. While the internet created a revolution in terms of information sharing and global communication, the blockchain embodies a system that can facilitate multi-person interactions without the need for any third party intermediary—including the government.
In reality, the blockchain will have a far greater impact on the social contract and the organization of society in general than the internet alone has had. So where does that leave those law firms that recognize the significance of this technology and desire to best position their firms. We don’t know all the answers (or frankly any definitive ones), but we will offer a few suggestions that merit consideration by law firm management.
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- Neufund Launches Blockchain-Driven Equity Token Sale for Retail Investors Out of Lichtenstein - September 16, 2019
- London Blockchain Accelerator Academy Looking for Partners - September 13, 2019
- Blockchain Startup Blockstack Raises a Whopping $23 Million In SEC-Qualified Reg A+ Token Offering - September 12, 2019
- France Vows to Block Facebook Libra Cryptocurrency in Europe - September 12, 2019
- R3 and Mastercard Team Up Mastercard to Build Overseas Payments System Build on Blockchain - September 12, 2019
- ConsenSys Officially Joins Hyperledger Project – Adding Public Blockchain Capability to Hyperledger - September 11, 2019
- Telegram Open Network Labs Releases Development Suite for TON Blockchain - September 11, 2019
- Whale Alert: USD One Billion+ BTC Was Transferred in One Transaction Last Week - September 11, 2019
- New Professional API Trading Program AlgoX Prime API Launched by eToroX - September 11, 2019
- Bitcoin.com’s Roger Ver Steps in to Operate Node on Cryptographer David Chaum’s New Elixxer Project - September 11, 2019
- Seychelles Heats Up With a First for a National Stock Exchange – MERJ Exchange Goes Live with Tokenized IPO - September 10, 2019
- Computing Legend Steve Wozniak To Launch Blockchain Energy Project – EFFORCE - September 10, 2019
- Hollywood Star Wesley Snipes To Tokenize $25 Million USD Movie Fund with Liechtenstein Blockchain Innovator LCX - September 9, 2019
- Netki Extends TransactID Solution For FATF “Travel Rule” Compliance - September 9, 2019
- Market Demand For Sophisticated Crypto Trading Methods Drives Singapore’s Broctagon Fintech Group To New Heights – Pushing Them Past $5 million - September 5, 2019
- London-based Custodian For Digital Assets, Copper, Reach $500m In Transactions In Just Three Months - September 5, 2019
- UN Meeting: Gibraltar Lawyers Call For A Global Regulatory Framework For Cryptocurrencies - September 4, 2019
- Michael Terpin’s BitAngels Investor Network Partners with Bitcoin Bay to Expand Blockchain Investment Ecosystem in Toronto, Canada - September 3, 2019