Blockchain is one of today’s hottest emerging technologies, increasingly penetrating the transactional world. This distributed ledger system, in the form of decentralized databases that store linked records through time-stamped blocks, provides proof of validity as well as a platform on which code can be executed and applications run. Blockchain is expected to have significant impact on finance, proof and chain of title and custody, authentication, and even identity in the coming years.
Lawyers have an ethical duty of technological competence. If you don’t know about blockchain – what it is, what legal issues it raises, and what industries it has and will continue to impact – set aside just one hour of your time to gain the working knowledge that you need, and that your clients expect you to have.