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Law firms join blockchain platforms Law firms join blockchain platforms

Bronze medal Reporter Jimna Posted 19 Sep 2019 Read More News and Blogs
Law firms join blockchain platforms

A group of top law firms, including Baker & McKenzie and Clifford Chance, have joined forces with an enterprise software firm. The Legal Center of Excellence (LCoE) has been introduced by a software company R3 as a platform for the worldwide legal community to get the recent updates and share best practices on blockchain technology and the Corda blockchain platform for R3. Ten law firms have joined, including Ashurst, Clifford Chance, Baker McKenzie, Crowell & Moring, Fasken, Holland & Knight, Perkins Coie, Shearman & Sterling, and Stroock. R3 created the LCoE to cooperate and collect feedback from the legal industry, helping law firms better participate with the technology, while updating R3 on the particular requirements of the legal society and its customers. Law firms are increasingly working with customers to provide expert guidance on how to manage the legal elements of blockchain technology, such as structuring Corda company networks and developing intelligent legal agreements.

Collaboration with R3

LCoE members will work actively with R3 and have access to R3's blockchain studies that offers a perspective of their customers ' issues, monthly project demos that offer members a practical knowledge of real-world blockchain apps, As well as Corda training courses created specifically for lawyers. This will guarantee that law practitioners have a powerful technology knowledge and are optimally equipped to advise their customers on fresh and emerging legal and regulatory problems related to blockchain and Corda.

Open-source blockchain

Corda is an open-source blockchain platform intended to record, handle and automate business-to-business legal contracts. To guarantee that they are strongly rooted in law, these agreements take the form of smart contracts on Corda, connecting business logic and information to the related legal prose.

Richard Gendal Brown, CTO at R3, remarks:' Corda's capacity to record an explicit connection between legal prose papers in the human language and smart contract code is a main characteristic. This allows for automatic execution of contracts between companies with minimal need for human interference. The LCoE will enable R3 to participate directly with attorneys who will advise and assist in drafting the smart contracts used by Corda's network of customers worldwide.

Jason Rozovsky, senior counsel and head of the LCoE at R3, remarks: Lawyers have a main role in the financial services environment. Many of our customers are also customers of the major law firms in the world, many of whom have joined our Center of Excellence.Our membership and the Corda community at large has an overall benefit in early collaboration with these firms on Corda and its capabilities and in gaining valuable insights into the legal and regulatory environments in which Corda operates.

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Background

R3 is a company software company that works with a network of more than 200 banks, financial institutions, regulators, trade associations, professional services firms and technology companies to build on Corda, its blockchain platform specifically intended for companies. R3's worldwide team of more than 140 professionals in nine nations is backed by more than 2,000 technology, economic and legal experts from its worldwide member base. R3 is supported by a USD 107 million investment from over 40 companies.

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