Note from the CEO: Well, you just knew this was brewing. Attorneys are setting themselves up to cash in (er, handle) all the new legal and operational challenges coming along. It’s a big tough job but someone’s got to do it…….by the hour.
As in any new business there are going to be new rules, regulations and requirements that have not been addressed yet. The same with the blockchain technology being widely integrated into all facets of industries, especially fintech. This article shows the hurdles and planning being discussed by attorneys in probably every law firm in the world. New world, new laws, more billable hours and so little time.
"Among disruptive technologies, few cause more apprehension and excitement than blockchains. The technology behind the digital currency bitcoin, blockchains use algorithm-based security mechanisms called "cryptographic hashing" to time-stamp and validate transactions.
While once an opaque and unknown technology in the legal world, blockchains are soon set to become a major practice area and disruptor for attorneys working in the financial industry.
Houman Shadab, law professor and co-director of the Center for Business and Financial Law at New York Law School, noted that such technology can be utilized in legal in a variety of ways."
Source: LegalTechNews
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