Jun. 4, 2014
How Bitcoin Will Bring About A Legal Practice Revolution
Law360, New York (June 04, 2014, 10:17 AM ET) -- Law, by nature, is more reactive than innovative. Look at how long the desegregation battle took in the courts. Think also about how, only now after 20 years or so, we have ubiquitous e-filing between lawyers and courts. In sum, the law is slow, slow to work and slow to innovate.
But, that is all about to change, and lawyers must start to prepare for the black swan — or once-in- multigenerations event — that is coming to law from the rise of cryptocurrencies, such as Bitcoin, and their decentralized asset ledgers.
For those who do not know, Bitcoin is a kind of decentralized money that allows for the frictionless — read, basically free — transfer of value from peer-to-peer computer nodes. Think of Bitcoin as a kind of email for money.