In a thoughtful article about the evolving technology known as "Blockchain," Aird & Berlis LLP corporate and technology lawyer Don Johnston shares his insight about how the budding peer-to-peer information database is on the verge of transforming the way we record and manage transactional information. In the article, entitled " What is the Law of Blockchain," Johnston succinctly explains what Blockchain actually is and why we should care. Originally built for, and associated with, Bitcoin, Blockchain is a decentralized database that maintains continuously growing lists of transactions and is designed in a manner that essentially eliminates the possibility of fraud and third-party manipulation.
Blockchain has a number of potential applications, most of which are still to be explored, but its adoption would primarily be associated with securitizing information and tracking its movement in a publicly-accessible manner. Johnston writes that Blockchain would be an excellent means of managing digital rights, financial transactions, replacing letters of credit and settling trades of securities, just to name a few. To find out more about Blockchain and its potential impact on you and your business, check out the full article here.
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