A Block What? How "Building Blocks" Could Soon Transform Every-Day Transactions
In a thoughtful article about the evolving technology known as "Blockchain," Aird & Berlis LLP corporate and technology lawyer Don Johnston shares his insight about how the budding peer-to-peer information database is on the verge of transforming the way we record and manage transactional information. In the article, entitled "What is the Law of Blockchain," Johnston succinctly explains what Blockchain actually is and why we should care. Originally built for, and associated with, Bitcoin, Blockchain is a decentralized database that maintains continuously growing lists of transactions and is designed in a manner that essentially eliminates the possibility of fraud and third-party manipulation.
Blockchain has a number of potential applications, most of which are still to be explored, but its adoption would primarily be associated with securitizing information and tracking its movement in a publicly-accessible manner. Johnston writes that Blockchain would be an excellent means of managing digital rights, financial transactions, replacing letters of credit and settling trades of securities, just to name a few. To find out more about Blockchain and its potential impact on you and your business, check out the full article here.
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