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Blockchain, Smart Contracts, and The Law

LexPredict: “When we first open-sourced ContraxSuite, we emphasized the role contract analytics will play in migrating legacy contracts to new smart contracts that are blockchain-enabled. The distributed ledger technology of blockchain has the potential to mitigate risk, streamline processes, and lower the barrier to entry for all market actors. It has the potential to enhance important services to individuals, organizations, and society as a whole. One problem in the current landscape is that most discussions of blockchain center around cryptocurrency, particularly Bitcoin. What sometimes gets lost in excited discussions of how blockchain can change the world, is how it can change the world, and exactly why this technology is so important. Cryptocurrency use cases only scratch the surface of what blockchain can do. And legal professionals should have at least a basic understanding, not necessarily of the cryptocurrencies blockchain makes possible, but of the other ways blockchain will impact the future of legal. Bitcoin may never be critical for legal professionals to understand, but blockchain will be required reading…”

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