Dan Taylor explores the potential of Blockchain, & urges lawyers to join bankers & industry chiefs in embracing this technology
- Blockchain could be used to make law firms more secure.
Cryptocurrency has burst into the public eye, primarily thanks to Bitcoin’s volatility that saw it reach highs of $20,000 (£14, 350) per coin in mid-December. However, what often goes unnoticed is the Blockchain technology which powers and documents each transaction that uses the digital currency.
Blockchain is a unique way in which data can be recorded and is one of the most promising technological developments to have emerged in recent times. Blockchain is sometimes referred to as a distributed ledger as the data is distributed throughout a computer network. It is deemed to be highly beneficial to industries that need to keep data secure.
How it works
Blockchain works by linking each new data entry to the previous one before it, thus creating a ‘chain’. Each new data entry is first verified by a node (a computer connected to the blockchain system,
