Today, most well-known applications of blockchain relate to cryptocurrencies. However, blockchain technology is not limited to this kind of application.
Blockchain shall certainly be one of the essential drivers of the transformation of the business and legal worlds in the coming years. The revolution which lies within blockchain technology is that it is a decentralized technology, which essentially permits all kinds of transactions without having to rely on any trusted third party.
A blockchain is a register, a decentralized peer-to-peer database, a copy of which is held by each member of the network. The information stored in a blockchain could therefore in theory not be altered, and as long as a member holds a copy of the information, the information will survive and can be replicated again.
Blockchain is the synthesis of different technologies based on peer-to-peer networks, public-private cryptographic key techniques, and consensus mechanisms. This technology, which should be understood by lawyers, allows all types of data to be stored in a transparent and unalterable way.
It allows the transmission of digital currencies without the need to rely on a bank to certify the reality of a banknote or to maintain the state of accounts and flows between individuals, or, for example, the safekeeping of land registers in countries where a state is unstable or the administration is corrupt. Blockchain also permits to implement agreements in the form of “smarts contracts”.
The Firm intends is to support and actively participate in this revolution.