The Legal Services Board has urged front-line regulators to embrace the opportunities provided by blockchain and peer-to-peer ‘distributed ledgers,’ arguing that they could cut the cost of legal services for consumers. Research by the LSB shows that only 2% of legal service providers are currently using blockchain. Dr Helen Phillips, LSB chair, said: “The potential uses of blockchain technology are both enormous and exciting, and it’s vital that the legal services sector seizes the opportunity to use it to improve access to justice.” Meanwhile, the inaugural vice-dean (innovation) at University College London’s law faculty has said distributed ledger technology (DLT), including blockchain, will eventually transform conveyancing and probate. Dr Anna Donovan said DLT “offer[s] enormous opportunities for the legal services sector. Beyond economic growth, [it] has the potential to enhance market competition, improve access to justice and strengthen trust in the legal system.” Separately, Patrick McKenna in the Global Legal Post examines how the evolution of blockchain will affect clients in a wide range of sectors, including real estate, insurance and securities.
About The Author
Providing insight into technology and innovation in the legal, accountancy property and consultancy sectors. Alternative Insights brings together news, commentary and thought leadership about digital transformation across the entire professional services industry. We collate industry stories on innovation, technology and transformation in the legal, accountancy, management and property consultancy sectors, giving you access to the latest thinking about tech and innovation in the professions.
September 13, 2019