Chris Dix, a firm shareholder and chair of the Jacksonville Bar Association’s Legal Technology Committee, recently shared his expertise on the potential impact that the bitcoin and blockchain technologies will have on the legal field in an article for the Financial News & Daily Record.
In the article, Dix defines the two technologies.
- Blockchain is an electronic ledger that records transactions, only instead of the ledger being saved on just one computer, the same ledger is saved on computers in many locations to prevent improper alteration or manipulation.
- Bitcoin is a form of digital currency that relies on blockchain technology for security and integrity.
Many people learn about bitcoin after being the victim of a ransomware attack because payment in bitcoin is required to regain access to the ransomed data. Others have decided to invest in bitcoin after hearing that the currency’s value has exploded in recent years.
The rise in the popularity of bitcoin has spurred growth of other products using blockchain technology. In addition to bitcoin, there are about 1,600 other digital currencies that incorporate blockchain technology.
Walmart recently announced it is using blockchain technology to stop the spread of E. coli in lettuce. RocketLawyer offers Rocket Wallet, a product that provides for secure legal contract execution and payment by using a blockchain technology called Etherium.
A recent article in the Harvard Business Review, “The Truth About Blockchain,” provides helpful information, outlining that blockchain technology is a “foundational” technology, which means it has the potential to create new foundations for our economic and social systems, but it will take decades before blockchain technology will be adopted in ways that directly affect us.
Dix regularly speaks and advises clients regarding cybersecurity, data breaches (including HIPAA security and privacy issues), social media and electronic evidence.