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Blockchain, Virtual Currency and Smart Contracts Basics for Lawyers
Blockchain technology is a type of a broader technology known as “distributed ledger technology” or “DLT.” Today courts, legislatures, regulators, and lawyers around the globe are confronting challenges presented by DLT. To counsel clients properly, lawyers require a fundamental understanding of this technology, its promised benefits, the potential costs, and associated legal and business risks.
This program will discuss the fundamentals of blockchain technology, virtual currency, and smart contracts, including some of the technology and nomenclature that lawyers should understand. This program also will summarize some of the legal issues using blockchain technologies and smart contracts raises, how companies in this space might be regulated federally or here locally, and discuss the efforts in Rhode Island by the state to use blockchain technology to improve or enhance state government operations.
1 RICLE
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