Blockchain technology is a data structure that makes it possible to create a temper-proof, distributed, peer-to-peer system of ledgers containing immutable, time-stamped, and cryptographically connected blocks of data. In practice this means that data can be written only once onto a ledger which is then read-only for every user.
Existing businesses, new market participants and investors from across all different sectors are turning to their in-house counsel and trusted advisors for guidance on how to take advantage of blockchain technology in order to maximize efficiency and boost profits across their operations and investments. This means that in-house counsel need to understand the basic building blocks underlying the emerging technology, to what extent it can be applied to their particular business and what legal challenges can present themselves in each of their scenarios.
With their indigenous expertise and innovative mindset, Lex Mundi member firms are uniquely positioned to assist clients in developing and implementing their own blockchain strategy.