NEW YORK, April 28, 2022 (GLOBE NEWSWIRE) — The lately fashioned Blockchain + Authorized Trade Group introduced right this moment that its collaborative working teams have created the primary of a number of new white papers for basic counsels regarding the interrelationship between blockchain and the legislation. This represents the start of an vital effort to coach the authorized neighborhood in regards to the authorized and regulatory points surrounding blockchain and cryptocurrencies, and the way blockchain know-how can profit the best way company authorized departments and legislation corporations do enterprise. The group’s first white paper, Blockchain and Mitigating Company Danger, represents the primary in a sequence designed to share that understanding with the broader authorized neighborhood.
Founding members of the Blockchain + Authorized Trade Group embody representatives from:
- Ava Labs
- Cornell Legislation Faculty
- Cravath Swaine & Moore LLP
- Grant Thornton LLP
- Norton Rose Fulbright
- Pitney Bowes
“Having labored with quite a few shoppers on blockchain implementations, I’ve seen an amazing have to advance the trade’s data and greatest practices in understanding and managing the authorized and compliance implications and alternatives of blockchain,” mentioned founding member Mark Treshock, world blockchain options chief for healthcare and life sciences at IBM.
The group has rapidly grown to incorporate teachers, technologists, enterprise executives, and legal professionals from greater than 25 organizations. The number of members is a big power as members carry experience as authorized, enterprise, and monetary company advisors, blockchain operators and founders, teachers, technologists, and current and potential company blockchain adopters. Every participant brings a novel perspective, offering the group with a 360-degree view of the rising area.
“Multi-disciplinary trade collaborations like this are essential to advancing the accountable adoption of blockchain know-how,” mentioned founding member Johnny Lee, principal & nationwide follow chief, forensic know-how at Grant Thornton LLP. “Solely engagement by considerate insiders can refute the concern, uncertainty, and doubt that permeates a lot of the media protection and public commentary on this area. I’ve discovered the extent of candor and dialog inside this group to be remarkably productive towards these ends, and I’m glad to be part of this effort.”
The group’s broad vantage level permits members to speed up their understanding of blockchain and its authorized and regulatory points, higher positioning their corporations for the longer term. The brand new white paper, Blockchain and Mitigating Company Danger, represents the primary in a sequence designed to share that understanding with the broader authorized neighborhood.
“Being part of this group has broadened my understanding of what blockchain means to my very own group and to the authorized trade generally,” mentioned founding member Dan Goldstein, govt vp and chief authorized officer at Pitney Bowes. “For a lot of in authorized there’s a lack of true understanding about blockchain’s authorized, regulatory and compliance implications, what the dangers and alternatives are, and methods to handle them. Our group is working to vary that.”
With extra use circumstances continually rising, blockchain and cryptocurrency are clearly turning into extra pervasive of their adoption. Many corporations are conscious of the know-how however don’t but perceive the way it will impression their authorized division and obligations, regulatory compliance, enterprise, and operations.
“As a lawyer and legislation professor actively engaged in fintech, it’s clear that blockchain has and can proceed to be transformational,” mentioned founding member Charles Whitehead, Cornell Myron C. Taylor Alumni Professor of Enterprise Legislation and Founding Director of the Cornell Tech Legislation, Know-how and Entrepreneurship Program. “This group has been instrumental in figuring out the authorized challenges introduced by the know-how.”
The group seeks to investigate and establish options and greatest practices for the numerous authorized, regulatory and compliance points that companies and different organizations face after they resolve to undertake blockchain and cryptocurrencies. Assessing these points additionally permits for a broader understanding of the worth proposition of blockchain, and the way its adoption can impression authorized and compliance operations.
“With the adoption of blockchain and cryptocurrencies rising, authorized departments might want to absolutely perceive implications for forensics, data governance, investigations, eDiscovery, privateness and compliance, and ensuing desired approaches for implementation, together with what forms of information that ought to or shouldn’t be included on the blockchain,” mentioned founding member Alison Wisniewski, chief authorized officer at Epiq and the primary white paper’s main creator. “Epiq has an extended historical past of working with company authorized departments and legislation corporations to know and optimize the implementation of recent applied sciences from a authorized and compliance perspective, and our participation on this group will assist us higher serve our shoppers on this transformational space.”
Different group members are additionally working to leverage improved blockchain data on behalf of their shoppers, together with legislation corporations and know-how suppliers. “As a worldwide legislation agency with a big fintech consumer base, we advise many purchasers on the alternatives and authorized issues for adopting blockchain know-how to develop all kinds of digital property and options,” mentioned Stephen Aschettino, US head of fintech for the worldwide legislation agency Norton Rose Fulbright. “We’re excited to have interaction with the Blockchain + Authorized Trade Group members to carry additional innovation to our shoppers.”
“The blockchain is altering how data administration and authorized operations will evolve. As a contract intelligence firm offering sensible contract options around the globe, our involvement within the Blockchain + Authorized Trade Group has not solely helped us to higher perceive the wants of company authorized operations however has additionally contributed to how we proceed to optimize our Icertis Blockchain and Sensible Contracts Framework,” mentioned Dr. Sunu Engineer, principal architect and technical evangelist, R&D, Icertis. “We’re enabling corporations to seamlessly leverage revolutionary contract administration options primarily based on sustainable, permissioned, standards-based blockchains and associated applied sciences to handle real-world enterprise challenges.”
The Blockchain + Authorized Trade Group conducts analysis, defines and shares greatest practices and hosts roundtable discussions on key matters. events are invited to take part.
“Recognizing the transformation occurring in a number of industries attributable to blockchain and cryptocurrencies, we’re enthusiastic about what we have now already achieved with this group, and we stay up for welcoming further members,” mentioned founding member George Bickerstaff, govt board member in prescription drugs and former Novartis CFO.
In case you are fascinated with studying the white paper, receiving future communications from the group, or collaborating as a member of the group, please go to https://www.blockchainpluslegal.org.
About The Blockchain + Authorized Trade Group
The Blockchain + Authorized Trade Group seeks to investigate and discover options for authorized/compliance/privateness/safety and regulatory points companies and different organizations face in the usage of blockchain and cryptocurrencies, with the assumption that addressing such points will enable for broader blockchain/cryptocurrency adoption. The group additionally seeks to establish and assist the adoption of blockchain for the digital transformation of sure authorized capabilities/operations. The group brings collectively teachers, technologists, enterprise executives, and legal professionals. Be taught extra at https://www.blockchainpluslegal.org.