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There has been a dedicated effort to generate an increasing volume of articles to help business people get on the blockchain bandwagon. Some of the main articles are mentioned on blockgeeks.com.
The definitive future of blockchain technology is near and we know that in addition to the banking sector, there are many other sectors that are affected. See precisely how law enforcement or ride-hailing or other industries could be affected. Bitcoin has been in the headlines for the better part of the last decade and has opened the market to big new cryptocurrencies like Ethereum and Monero. The key unifying factor for all of these currencies is that they are powered by blockchain, a revolutionary new technology. They also feature a concept called a smart contract, which is digitally agreed and forms many of the standards behind their operation. In-house attorneys need to be well versed in these concepts so that they are prepared for the day the company decides to rotate them and incorporate them into their workflow. Here’s what you need to know to get started.
As with https://www.entrepreneur.com, the future of blockchain technology will be much more than just Bitcoin. We know that blockchain technology will impact all major business sectors, from accounting to operations. We have sufficient evidence that the revolution appears to have already begun.
The main sectors affected by the blockchain
Blockchain has found application and rejuvenated several sectors, the main ones among which are:
- Supply chain logistics, where it is used to track, authenticate and flag product viability throughout the entire lifecycle and also identify counterfeit and non-compliant products and fraud early on.
- The FinTech industry has evolved rapidly to welcome the barrage of new blockchain-based currencies as payment methods.
- The decentralized and verifiable nature of blockchain ledgers has also been an interesting topic for digital identity research and identity verification, especially online.
- The healthcare industry is also heavily evaluating the movement of medical records and other sensitive information into a blockchain-based storage network to use its strong protections for data integrity, security, and non-repudiation.
- Intellectual property licensing and real estate securities could also benefit from smart contracts and forced identification via machine learning of IP-infringing data stored on the blockchain and many other benefits.
Blockchain has the potential to make its way into every industry. This is why it may not be as far from assuming your daily legal responsibilities as you might think it is today. If you wish to listen Lisa Bragança talks about blockchain technology, follow this map to reach the right destination.
The principle of distributed ledgers
To have a basic concept of blockchain it is necessary to understand that it is a system of decentralized ledgers that keep track of encrypted transactions. This “Distributed Ledger Technology” or DLT forms the basis for any blockchain, be it Bitcoin or other distributed solutions. It is decentralized, which means that there is no central authority that controls the data or operation, even if there is a common standard that all nodes agree on. Furthermore, the mode of operation for DLTs is on peer-to-peer networks, and they seek to offer a transparent interaction system that is verifiable through permanent registration and a consensus mechanism between multiple nodes for each individual transaction, rather than relying on on a single third party such as a central bank to verify authenticity.
Some good articles and photos to explain
There has been a dedicated effort to generate an increasing volume of articles to help business people get on the blockchain bandwagon. Some of the main articles are mentioned on blockgeeks.com. A photo of decentralized distributed nodes appears to be crucial even for non-technical people to visualize the impact of distributed network technology. Transparent encrypted ledgers appear to be decentralized and allow the blockchain to effectively disintermediate and continue to deliver knowledge, value, and even services in multiple ways.
Conclusion: When is it expected to affect the legal environment?
Smart contracts are currently developing gradually. It will be quite overwhelming for national laws to effectively keep up with cutting-edge blockchain applications, therefore, a challenge designed for all corporate legal departments to provide advice and help seamlessly disrupt old processes and approaches. The most promising arenas for smart contracts are those areas that have substantial volume and standardization combined with easy and affordable execution requirements, including equipment rental, insurance payments, and even simple leases.
