Toronto lawyer and blockchain expert Amy ter Haar tells the Canadian lawyer. “For the first time, mere mortals have used clever code to manufacture trust . . . With blockchain, the trust train is moving to a new place.”
An interesting proposal… specialist legal blockchain platforms to put lawyers out of work.. you decide.
Here’s the introduction to the piece….
The game-changing technology underpinning crypto-currencies such as bitcoin threatens to supersede lawyers and other trusted intermediaries.
Late last year, English online property sales site clicktopurchase.com made news by completing the sale of a residential property only three days after it hit the market.
Yet that wasn’t the only unusual aspect of the approximately $1-million sale. Enabled by a blockchain-based shared ledger that recorded the deal’s details, the transaction itself reportedly took place in less than four seconds — and all without the need for a title search, land survey vetting or verification of tax records.
In other words, it happened without a lawyer.
After closing the deal, a clicktopurchase.com spokesperson predicted blockchain would bring to property transactions more speed, ease, certainty and efficiency by “removing intermediaries” (aka middlemen) from the process.
Around the same time, Sweden’s land registry authority announced it was using blockchain to cut to a few days from four months the time that passes between writing a purchasing contract to registering change of ownership. (Initial results appear promising.) Then, a month later, Dubai’s land department claimed it had become the world’s first government agency to carry out all property transactions with blockchain.
Aaron Grinhaus runs Grinhaus Law, a full-service mid-town Toronto boutique business law firm that provides daily tax and securities advice on blockchain-related initial crypto-currency coin and token offers (referred to as ICOs and ITOs). He also helps clients structure crypto-mining operations, advises crypto-investment companies and helps structure asset holdings of high-net-worth crypto investors and traders.
Grinhaus believes lawyers “should be scared” by blockchain. It will “hit the profession hard,” he predicts, rendering many legal services — including secured and commercial transaction, real estate registration and dispute resolution — “obsolete.”
“I got into this a few years back, when I saw I needed to get ahead of blockchain before it got ahead of me and put me out of a job,” jokes Grinhaus.