OpenLaw Brings Legal Norms to Blockchain Token Transactions
Blockchain technology is likely going to drastically impact the practice of law. In light of a lawyer's duty to keep up-to-date on changes to the benefits and risks of technology, attorneys should learn about blockchain and the disruptive effect it is likely to have on the law.
This article examines the legally compliant contract system launched by Openlaw. The goal of the project is to open the door to using Ethereum-blockchain-based contracts.
From the article:
“As OpenLaw’s co-founder, Aaron Wright, Associate Clinical Professor at Cardozo Law School in New York says in a recent statement: ‘Tokens can represent real world assets, like a barrel of oil, diamonds, stocks, bonds, investment securities, a piece of machinery, or even a contract itself (e.g., a lease, deed, or title to property).’”
Follow Attorney Nessler to receive notifications about new recommended readings, because it is important to keep up on cutting edge technologies are drastically changing the practice of law.