September 11, 2018 business of law

Blockchain: Technology Rockin’ the Legal Industry

By Daniel S. Wittenberg

Blockchain. Just saying it sounds cool. Kind of like a “cyber gang” or “rock band.” This is no hype: The moniker for this transformative technology returns over 75 million hits on a single Google search. More than that, blockchain is “rocking out” in the world of big business. Venture capital has raised over $4.5 billion to support blockchain; that is in addition to a cryptocurrency market capitalization that exceeds $150 billion.

As a technology, blockchain is changing the way business and finance are handled, identity is managed, and transactions are validated and tracked. Blockchain offers security, immutability, and transparency by design. It holds promise beyond payments or financial transactions, including potentially significant effects on the legal industry over the next few years.

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