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Blockchain and distributed register technology will interrupt many industries, including legal ones. While this may take some time, and we are at the beginning of this transformation, change is imminent. All professionals can keep up with this trend and drive innovation in their fields. Following are five approaches that separate the technology leaders of blockchain and distributed accounting from the rest.
Focus on applications
Few people could explain in detail and precisely how electricity works. However, almost everyone loves the benefits of electricity, such as a lighted room, cold food in the fridge and a warm home. Our conversations on distributed blockchain and ledger may seem like a deep immersion on electrons in electricity. Instead, we should focus on applications. Rather than focusing on the abstract conversations of distributed records, let's focus on what blockchain can do for our business or specific practice. What are the advantages and the application? What efficiencies can it create? What problems can you solve for your company?
Use common sense
Blockchain is not a magic potion. It will not solve all the problems in your business or in your practice. Do not fall into a trap of "For a man who has only a hammer, everything he meets begins to look like a nail". Use common sense. Ask what other solutions are available. What are the advantages and disadvantages of the alternatives? Probably the most important question to ask is: "What can the blockchain do for your company that a good distributed database can not?"
Take small risks and learn by doing
Find potential use cases. You will learn in the process. No one in the early days of the Internet could have seen the endless possibilities that seem to exist today. Blockchain is the same. Blockchain is a revolutionary technology that will take time to develop and you can contribute to this exciting new field. The rate of improvement of the blockchain is ultra-fast. Waiting for others to take the lead is a dangerous strategy. Take small risks. Find potential use cases in your organization. Proof of concepts design. Yes, you could fail many times, but you will learn in the process.
Manage the expectations of your direction and management
Consider the possibility of conducting low-risk experiments to stay in business for many years to come. Do not reinvent the wheel using blockchain and smart contracts. Keep things simple. Analyze your business model. Reflect on the challenges you and your customers face. Know your business and customers better than anyone else. You are in the best position to solve long-standing problems in your industry based on your past experiences, knowledge and observations. Find the right places to improve efficiency or deal with a difficult problem using blockchain technology. The advantages of blockchain in certain areas deserve to be explored. So manage the expectations of your board and managers. You are conducting small, low-risk experiments to fully understand the blockchain potential that applies to your business. You are not doing this to create immediate ROI, products or services. You are doing this so that your business does not become obsolete.
Involve the real experts
Involve people who have real experience in creating blockchain applications in the field and who are at the forefront of this new technology. They will be the most useful. There are relatively few, if any, experts in this complex and young field. We are all learning together.
Who has heard of the Dunning-Kruger effect? Be very careful with people who sound too safe. If you work with experts, it's a good idea to ask how long they've been on the field. What qualifications do they have? What did they build? Who did they work with? Engage people who have real experience in creating blockchain applications at the forefront. We learn by working to redesign legal practice and business together.
Olga V. Mack is a multi-award-winning legal counsel, operative operator, startup consultant, public speaker, contract professor at Berkeley Law and entrepreneur. Olga founded the Women Serve on Boards movement that claims women are on the boards of Fortune 500 companies. Olga also co-founded SunLaw to prepare women for internal lawyers to become legal counselors and legal and WISE leaders for helping women who collaborate with law firms to become producers of rainwater. Embraces the current disruption of the legal profession. Olga loves this change and is committed to improving and shaping the future of law. She is convinced that the legal profession will emerge even stronger, more resilient and inclusive than before. You can send an & # 39; email to Olga at [email protected] or follow it on Twitter @olgavmack.
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