How Bitcoin Blockchain Technology Could Impact Lawyers

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Bitcoin is already disrupting banking. Fortune calls Bitcoin the Napster of finance . “In the long term, peer-to-peer finance threatens to undermine banks and other financial agents the way peer-to-peer file sharing did to the music industry.” JP Morgan Chase is interested in using it to streamline its internal payment processing and reduce the cost of sending money overseas. Companies including IBM, Samsung, Overstock, Amazon, and Swiss investment bank UBS are experimenting with the technology .

Bitcoin Blockchain Technology

But what most don't realize is that banking is just the beginning for Bitcoin. There are several projects in the works that would violate many aspects of the law, including contracts, identity verification, property transfers, and documentation. Here's what lawyers need to know.

Bitcoin
As Technology Review reports, the value of Bitcoin has architect database plummeted from over $1,100 to just over $200, and with it, many people's enthusiasm for the currency.

But Bitcoin is both a currency and a protocol.

The currency is the first online currency that does not have a double-spending problem . It is also decentralized, meaning no central authority can take it or inflate it. Transferring bitcoins is secure, instant, and free.

So, even without a sharp rise in value compared to other currencies, people use them as a bulwark against confiscatory or inflationary monetary policies in countries like Cyprus and Argentina . Free international transactions mean that this also affects remittances to countries with stable currencies.

Bitcoin is a currency that exists on the Bitcoin blockchain, which is a series of connected computers that host a ledger of every Bitcoin transaction.

Currently, the blockchain can contain information other than records of currency transactions. But developers are working on expanding what the blockchain can store and on ways to make it easier to store and access information on the blockchain.

This is the basis for constant innovation in the space. A peer-to-peer, decentralized way to facilitate and record transactions of all kinds could reduce the need for gatekeepers, middlemen, and trust. According to SecondMarket founder Barry Silbert, investors have poured $1 billion into the space in the last 36 months . He has personally invested in 48 Bitcoin-focused startups.

Last month, the first journal dedicated to cryptocurrency research, called Ledger, was launched.

Dubbed Bitcoin 2.0 or crypto 2.0, here are some areas where blockchain technology will disrupt:

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