Blockchain technology can extend to more than just cryptocurrency.
The Canadian law firm Dentons has announced that they are joining the Global Legal Blockchain Consortium (GLBC), the first firm in the country to do so. The goal is to develop a global network of high-impact projects driven by key stakeholders in the legal industry.
The GLBC’s mission is to bring together various members of the global legal system and introduce the use of blockchain technology to enhance security, productivity and interoperability of the legal technology system. The addition of blockchain will also allow law firms to be more transparent in their operations and track any kinds of decisions or changes very closely and easily.
“As the founding Canadian member of the consortium, we are continuing to demonstrate that Dentons is a leader in innovation in the legal industry,” said Beth Wilson, CEO of Dentons Canada. “We strive to develop the best solutions for our clients and our industry colleagues, and joining this network of organizations is another great step towards that goal.”
The GLBC will look to encourage the adoption of blockchain-related infrastructure and policies for law firms around the world. When that opportunity presents itself, the consortium will govern how a permissioned blockchain can function and help establish guidelines relating to how it will function. This includes technology standards, the development of apps (most likely dApps, or decentralized applications), permissioning criteria, node operation, entry and access methods for the blockchain, and open source requirements.
“We are excited to work with GLBC and Integra Ledger, which has been selected by GLBC as the first blockchain for the law. This gives Dentons the infrastructure to develop unique technology and legal offerings, working in tandem with our clients,” said Andrea Johnson, partner at Dentons. “We see applications for distributed ledger applications across many legal domains and industries in which our clients are active.”
In order to join the GLBC, a member must be either a major law firm, a major corporation that does not serve the legal industry, a not-for-profit organization, service providers to the legal industry or an educational institution. The entire process will be governed by a board of directors.
This move by Dentons and other law firms around the world marks the continued acceptance and utilization of blockchain technology in sectors other than cryptocurrency. The technology’s ability to foster transparency and traceability allows it to find a home in industries like cannabis cultivation and sale, agriculture, food, and financials.