Blockchain for business

Purpose

To introduce blockchain in simple terms for business lawyers to be able to spot the right issues and ask the right questions.

Design/methodology/approach

This article provides an overview of blockchain, identifies two example use cases, and highlights some of the most pressing legal issues, including issues to address in on-chain programming, off-chain agreements and other issues when determining whether to implement a blockchain solution.

Findings

This article concludes that there has been a significant growth in investment and interest in blockchain. Numerous companies across different sectors have developed blockchain proof-of-concepts, with some heading towards production deployments. At this point, commercial blockchain is largely in the pilot or proof-of-concept stage across a wide range of use cases, with payments and supply chain being two of the most promising use cases. This article also identifies possible legal issues associated with blockchain.

Practical implications

Despite the growing interest in blockchain, it is still a novel topic to many business lawyers. It is very important that lawyers are able to identify the right issues and ask the right questions.

Originality/value

Practical guidance from experienced lawyers in the Technology Transactions and Financial Services Regulatory & Enforcement practices.