We are poised and ready for the next revolution in the legal industry:
The excitement surrounding blockchain is no doubt just ramping up to what will undoubtedly become a deafening roar in the near future. The power of blockchain is its potential to encrypt transactions in a decentralized network where a digital system of agreements, transactions and interactions is accomplished without an intermediary. We envision a day where many types of legal matters will be accomplished through the secure power of blockchain, including property records, court filings, transfer of funds to clients and many types of contracts. Is blockchain right for your business? Please call Todd Kartchner today for more information on how we may work together utilizing this exciting technology.
CONTRACTUAL DISPUTE RESOLUTION
At this early stage of development, parties will be able to account for all contingencies in a self-contained, self-executing smart agreement. Our blockchain attorneys stand ready to represent their clients in disputes arising from smart agreements.
Intellectual property law is yet another niche where blockchain may have immeasurable effects when copyrights, trademarks and patents are at stake. Blockchain offers a secure way to track first use, and any type of digital asset can be effectively protected – for example, a photographer or filmmaker could manage licensing rights to their images or video, while a musician could track royalty payments for the use of their audio files.
LAND REGISTRY & PROPERTY DEEDS
We helped to build the American West in this high-profile category, and now, blockchain has the potential to be an important component in areas such as deeds, property titles and ownership changes when they occur. All parties involved in a transaction – property owner, lender, title company, city and county, etc. – would have access to clean records of title transfers and ownership.
One way in which our law firm will see increasing use of blockchain is through smart contracts. Smart contracts are self-executing agreements that parties encode into blockchain, which is decentralized, but accessible to all participating parties. Parties can exchange anything of value, including money, property, stocks, etc., while eliminating the need for intermediaries like escrow agents or notaries. Although many businesses lack current familiarity with such technology, our cryptocurrency attorneys anticipate smart contracts will be utilized with greater frequency going forward. Although blockchain technology has challenges of its own, it can often be faster, cheaper and more secure than traditional transactional mechanisms. We have blockchain attorneys at our firm who are qualified to assist clients in preparing and using smart contracts today.