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Law firm disruption: the inevitability of blockchain everywhere

October 2017 Chris Garrod

You should have already heard of the term: blockchain. If you haven’t, you will. And assuming you have, you’re going to hear it a lot more.

As much as artificial intelligence appears to be the primary buzz phrase in 2017’s business world (I’ve also written about its potential impact on the legal industry in general), the use of blockchain technology will over a rapid period of time have a dramatic impact on how we function on a daily basis.

So what is blockchain?

Very simply: blockchain is a networked, decentralised, secure ledger – or a database - which can be used for any recordable transaction (not just for digital cryptocurrency use which it sometimes can be mistaken to mean). Transactions are grouped into “blocks”, part of a secure network (consisting of hundreds of computers and servers worldwide) and the data is stored into the blocks. When it is intended for a transaction/block to enter the chain, it must be validated by this worldwide network and therefore becomes digitally signed. The key is that the blockchain is decentralized and secure. How? Any change to this worldwide ledger requires the authentication of the entire network of global servers. One change will change all of them. That results in the decentralised nature of blockchain: there is no need for a central authority to approve transactions. This also means that the ledger, the blockchain, is very difficult to alter - unlike a bank or financial institution, with one or a few network servers, there is no central point of vulnerability, making it incredibly difficult for hackers to infiltrate. Blockchain is, simply, secure.

 

To continue reading full articles in PDF format:
Law firm disruption: the inevitability of blockchain everywhere

 


Chris Garrod
Director, Head of Fintech

Bermuda   +1 441 299 4923


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Articles

Law firm disruption: the inevitability of blockchain everywhere

11 October 2017 Chris Garrod

You should have already heard of the term: blockchain. If you haven’t, you will. And assuming you have, you’re going to hear it a lot more.

As much as artificial intelligence appears to be the primary buzz phrase in 2017’s business world (I’ve also written about its potential impact on the legal industry in general), the use of blockchain technology will over a rapid period of time have a dramatic impact on how we function on a daily basis.

So what is blockchain?

Very simply: blockchain is a networked, decentralised, secure ledger – or a database - which can be used for any recordable transaction (not just for digital cryptocurrency use which it sometimes can be mistaken to mean). Transactions are grouped into “blocks”, part of a secure network (consisting of hundreds of computers and servers worldwide) and the data is stored into the blocks. When it is intended for a transaction/block to enter the chain, it must be validated by this worldwide network and therefore becomes digitally signed. The key is that the blockchain is decentralized and secure. How? Any change to this worldwide ledger requires the authentication of the entire network of global servers. One change will change all of them. That results in the decentralised nature of blockchain: there is no need for a central authority to approve transactions. This also means that the ledger, the blockchain, is very difficult to alter - unlike a bank or financial institution, with one or a few network servers, there is no central point of vulnerability, making it incredibly difficult for hackers to infiltrate. Blockchain is, simply, secure.

 

To continue reading full articles in PDF format:
Law firm disruption: the inevitability of blockchain everywhere

 


Chris Garrod
Director, Head of Fintech

Bermuda   +1 441 299 4923