What was often cited was that venture capitalist Michael Arrington, a former lawyer, transacted his purchase of property in the Ukraine using blockchain. That included a "smart contract."
Incidentally, since then Arrington has co-founded a hedge fund dominated by cryptocurrency, which is based on blockchain. Here is his announcement of that.
However, the reality is that blockchain has become a new business niche for a growing number of law firms.
In Big Law Business, Stephanie Russell-Kraft reports that law firms have recognized that the legal issues associated with blockchain are "widespread." For example:
" ... lawyers now are needed to help determine which laws apply when it comes to transferring digital tokens, and whether or when those tokens should be considered securities, commodities or currencies."
But the more over-riding matter is if blockchain is a new industry which requires its own laws or if its implementation has to factor in the laws already in-place such as in healthcare or financial services.
Among the law firms with blockchain practices is Perkins-Coie. Actually, it had been an early adopter, launching the niche way back in 2013. Today, that niche employs 40 lawyers.
Law firms without blockchain practices will find that they could be closed out of new business. Increasingly, companies are becoming involved in some development of that technology.
Most recently, Eastman Kodak announced its own cryptocurrency - KodakCoin. That will provide photographers a secure way to manage their transactions.
In my own field of communications, more clients are requesting references be made to the implications of blockchain in the content I prepare for them. For example, late this year I developed two white papers analyzing the impact of technology in general and more specifically blockchain on manpower demand in a developed and a developing economy.
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