New Consortium Will Drive Blockchain in the Legal Industry
Wednesday, August 23, 2017
Posted by: ACEDS Marketing Team
Extract from the article "New Consortium Will Drive Blockchain in the Legal Industry" posted on ridethelightning.senseient.com
On August 15th, a group of law firms and technology companies announced the formation of the Global Legal Blockchain Consortium. The consortium will work to drive the adoption and standardization of blockchain in the legal industry, with the larger goal of improving the security and interoperability of the global legal technology ecosystem.
As noted in a post in Bob Ambrogi's LawSites blog, members of the consortium include the law firms Baker Hostetler and Orrick, IBM Watson Legal, and the newly formed company Integra Ledger, which hopes to become the ledger used throughout the legal industry for blockchain digital identities.
The consortium's three goals for the future of blockchain in legal:
- An interoperable and secure global legal industry using blockchain technology.
- Agnostic as to software, agnostic as to document management systems, and agnostic as to blockchain.
- Universal, blockchain-based identities for law – client identity, matter identity, document identity.
Drummon Reed, chief trust officer at Evernum, said, "With a blockchain, every transaction is digitally signed, every transaction is chained together, and it's replicated on hundreds of computers around the world with digital signatures," noting that Bitcoin has never been hacked in its nine years of existence.
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