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Lawfuel Article: 5 Key Blockchain Building Blocks For Law Firms To Understand Today

As good a way as any to start the new year. Try to get a better understanding of the blockchain and how it might work for your practice.

Lawfuel reference a report  published by Law firm, Clyde & Co

How can lawyers best get to grips with what is happening with blockchain technology and how it impacts law firms and their work?

There are numerous publications on the technology and its legal impact, including those like this report from Clyde & Co.

Consider some of the legal issues as a ‘fly over’ of blockchain technology:

  • Jursidictional issues that arise in respect of dispersed servers and the cross border issues that need to be considered when an error or issue arises.
  • DAOs – The used of decentralized autonomous organisations (DAOs) which minimizes human involvement as a result of computerized, coded ‘smart contracts’ will impact upon the way contracts are handled and disputes resolved. But what liability does the DAO have? Where are they located and what legal status do they have.
  • Enforceability of ‘smart contracts’ hard-coded and implemented via the blockchain.

There are a raft of issues affecting every industry and which the blockchain connects to. It’s necessary for the lawyers to connect also.

1. Understand How it Works

Blockchain may not have yet been adopted on a wide-scale, but it is going to be and there are many proof-of-concept projects in just about any and every industry you can point a stick at.

It’s coming and law firms need to know about the technology so that they can advise clients on how it works and the legal implications.

The best thing lawyers can do is to bone up on the new technology because clients in every industry from property and mining to healthcare and hostpitality will be wanting to know what they need to do to use or adopt the technology in terms of policies, procedures, contracts and everything else.

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