The Potential Of Blockchain Technology In Law

Tasnuva Shelley, Advocate, Supreme Court of Bangladesh; Founder & CEO, Legalized Learning App

ABSTRACT

Lawyers, judges, and policy makers are increasingly surrounded by digital information and software tools, which they use in their daily routine. Law and technology have for long been seen to influence each other and this technology has the potential to reduce the cost of notary services, and corporate filings, while streamlining and enhancing several other facets of the legal industry. Blockchain stores information in a transparent and immutable ledger, ensuring businesses a higher level of precision. Undoubtedly, like myself, many believe that the legal industries will revolutionize their operations with distributed ledger technology, smart contracts, and others.

Cryptocurrencies are the best example of how necessary blockchain legal specialists have become. A platform for decentralized applications and smart contracts, Tezos, faced four class action lawsuits in the wake of what was a seemingly successful $232 million ICO. Lawyers are now spending time studying the basics of blockchain technology to understand where it is likely to intersect legally with other industries that could be pioneers as new legal spaces emerge. Already, consortiums have formed with the ostensible aim of projecting the future of the law as it pertains to all things blockchain, but as individual lawyers we should consider that blockchain law could be a lucrative industry that may have longevity in the legal space.