No, blockchain and bitcoin are not the same thing, despite what you may have heard! But the technology evolution has been underway for several years and is starting to gain traction in many industries. In fairly short order, we will cover the basics of this evolving technology: what it is, how it works, who created it, what a hash is and how hashing occurs. We'll also examine the potential this technology has to be a true game changer. We'll delve into the different types of blockchains in existence and discuss the distinctions among many of them. Additionally, we will outline how transactions can be consummated through their use. Assets such as cryptocurrencies, tokens, donations and the uses of initial coin offering (ICOs) will be explored. Most importantly, we will discuss how blockchain may impact the practice of law and you as a consumer. An evolution is underway.
•Breakdown what blockchain is and what it isn't.
•Examine how blockchain could be used in the business of law or the practice of law.
•Discuss the impact of blockchain on your clients' businesses and how it can help them improve efficiency, lower costs and reduce friction in completing transactions.
•Evaluate how blockchain can be used operationally at your firm or legal department.
•Explain the importance of blockchain in providing data security. (To date, blockchain has not been hacked.)
Teresa Walker is Past President of the Association of Legal Administrators, completing a three-year term on the Executive Committee of its Board of Directors and a six-year term on the ALA Board. Walker assumed the ALA President role in May 2015. Her additional service includes being a member of the Large Firm Administrators Caucus, member of the LFA Steering and Education Committees, Trustee of The Foundation of ALA, member of the International Relations Committee and a Founding Member of the Middle Tennessee ALA Chapter.
•CLM App Management Category -FS: Legal Industry/Business Management
Association of Legal Administrators
CLMSM App Credit for Functional Specialists: 1.00
Legal Industry/Business Management
CLMSM Recertification Credit: 1.00
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