Innovation and Blockchain: Practical Considerations for Legal Technology Leaders

In 2019, blockchain and distributed ledger technologies will continue to occupy a prominent role in conversations about transformative innovation in the practice of law. In her recent article on blockchain published by Above The Law, strategist, author, and speaker Olga Mack highlights some critical considerations for innovative leaders working with these disruptive technologies.

Extract from an article by Olga Mack

Few people could explain in detail and precision exactly how electricity works. However, almost everyone loves the benefits of electricity, such as a lighted room, cold food in the fridge, and a warm house. Our conversations about blockchain and distributed ledger can sound like a deep dive about electrons in electricity. Instead, we should focus on applications. Rather than focusing on abstract conversations of distributed ledgers, let’s focus on what blockchain can do for our specific business or practice. What are the benefits and application? What efficiencies can it create? What problems can it solve for your business?

Blockchain is not a magic potion. It will not solve all the problems in your company or your practice. Don’t fall into a trap of “To a man who only has a hammer, everything he encounters begins to look like a nail.” Use common sense. Ask what other solutions are available. What are the pluses and minuses of alternatives? Probably the most important question to ask is: “What can blockchain do for your business that a good distributed database cannot?”

Read the complete article at How To Innovate Using Blockchain Within The Legal Field And Other Industries?

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Source: ComplexDiscovery

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