Lexis®Library update: The SRA outlined the main forms of DLTs that are currently relevant in the legal sector, including blockchain, digital signature, cryptocurrency, smart contracts, non-fungible tokens and decentralised autonomous organisations.
Additionally, the report highlighted potential opportunities of using DLTs for law firms, which includes speed and cost savings, and traceability and outlines barriers and risks of using DLTs, including trustworthiness, money laundering and fraud, establishing jurisdiction and value instability. The SRA also discussed how the risks of the DLTs may change in the future, and what it is doing to support the use of DLTs in the legal sector.
The report can be read here.
This content was first published by LNB News / Lexis®Library, a LexisNexis® company, on 2 February 2023 and is published with permission. Further information can be found at: www.lexisnexis.co.uk.
