Preparing for the Future: Blockchain and the Law

Preparing for the Future: Blockchain and the Law

The Vanderbilt Law School’s Program on Law and Innovation partnered with law firms, a Bitcoin media company, and others to host a conference in Tennessee around the future of the blockchain and the law.

Per a Nasdaq report, “leaders at the fledgling cross-section between the worlds” made TED Talk-style presentations and also engaged one on one with attendees. The conference coordinator stated that it was perilous for the field of law to ignore the conversation on the blockchain any longer. The report added that the consistent theme throughout the event was that it’s not if, but when the blockchain technology would be an important part of lawyers’ work.

Presentations also included the how and why of implementing the blockchain into legal services as well as use-case examples. Bennett Collen, the CEO of Cognate, a trademark protection company, presented how his company has used the technology to “create an immutable, time-stamped and legally-defensible record of when a trademark was first used.” The CEO also summarized the blockchain’s future impact:

“The blockchain is going to significantly alter the practice of law in the near future. It creates a new system that is more transparent, more fair and more affordable.”

The conference encouraged attendees to embrace the technology now, rather than avoid it. This also applies to the many beneficial technology tools available to counsel. For more on that topic, check out LLM, Inc.’s recent white paper: “The Lawyer’s Guide to Legal Technology in 2017.”

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