BTC Wires: The Global Legal Blockchain Consortium extended its membership by welcoming its newest member, Legaler. The legal services firm will join the existing 60 institutions from different industrial sectors across the globe.
The institution strives to develop the implementation of blockchain technology to the legal services, laying down global standards while looking into the future of the legal industry. GLBC is an initiative bringing together various firms specialising in diverse disciplines and working together to achieve efficiency, privacy and interoperability.
Stevie Ghiassi, CEO of Legaler is positive about the technological development crusaded by the GLBC in the legal industry and in its context was quoted as saying, “as adoption of blockchain challenges traditional business models and existing internet infrastructure, it’s incumbent on the early participants to work together to establish global standards that encourage interoperability and best practices for the nascent technology, especially on how it relates to the law. GLBC is a positive step forward”.
Legaler had built its presence in firms over 80 countries owing to its secure online meeting tool launched in 2017. The firm has the task of integrating the blockchain technology with their primary operations at hand. Importance of blockchain is being highlighted after the rising need of encrypted contracts being demanded by the lawyers all over the world. Secure contracts is just the tip of the iceberg; the benefits of blockchain technology are apparently unending.
Talking about the use of blockchain in legal services Ghiassi stated, “even the most trusted commodity of a lawyer, the contract, is being completely reimagined by blockchain in the form of smart legal contracts, self-executing agreements that are expressed in lines of code. Every stakeholder should be paying attention”.
The legal industry has not often been seen at the receiving end while talking about the benefits that technology has to offer. However, the advent of blockchain technology has been successful in making the legal industry take a bet on this nascent but futuristic technology. It will be interesting to see how legal services make the most out of the blockchain.