Blockchain technology can make legal services more efficient and less costly by establishing automated smart contracts that don’t have to rely on human intermediaries to be enacted. According to David Fisher, founder and CEO at Integra Ledger, lawyers need to first understand how blockchain functions before it can be effectively used in the legal industry.
“I think the first step is for attorneys to understand what it is because there’s a common misconception that blockchain is a new application,” said Fisher as he explained during his “Blockchain Reaction: The Next Big Thing” presentation before a large standing-room-only crowd at the 2018 ABA Techshow. “People are used to thinking in terms of new software, new apps … but the reality is that just how you don’t go and buy the internet, you don’t go and buy a blockchain.”
