Norton rose fulbright bitcoin
Smart contracts are a great technological evolution, but questions regarding their validity remain. For example, are smart contracts even legally binding in their current state? The answer to that lingering question may surprise some people. A new whitepaper created by R3 and Norton Rose Fulbright sheds some light on this topic. Cryptocurrency enthusiasts are well aware of what smart contracts bring to the table.
Other than automation and improved transparency, this technology allows for autonomous business models. But if things go awry, is it even possible to hold the participant of a smart contract responsible? A big question that deserves a thorough answer. The recently published whitepaper by R3 and Norton Rose Fulbright provides some valuable insights.
However, there is a large set of variables that needs to be taken into account before such a contract can become legally binding. Instead, it serves as an agreement between parties subject to a factual matrix within which it operates. Enforcing the legally binding aspect of smart contracts is something certainly worth considering.
Without a central authority to resolve disputes — most smart contracts rely on oracles — it is difficult to determine who is in the right. Meanwhile, Birch and her team had discovered like-minded pockets of enthusiasts in other locations within her firm, including Australia, Asia, Germany and New York.
This head start has given Norton Rose Fulbright an advantage as its large institutional clients become increasingly interested in blockchain and other fast-growing areas such as regtech and insurtech.
These days, she and her colleagues are in ever increasing demand, bridging the gap between the creative tech scene and traditional business and finance. For trainees coming into the firm, like Juliet Gordon who spoke alongside Birch at Legal Cheek Live , these are exciting times, with opportunities to apply legal principles learned at law school to this new world while getting a foothold in an emerging sector that is set to grow substantially over the years ahead.
Life as a trainee in Norton Rose Fulbright's fintech team. What it's like to work as a trainee in a fintech team: Norton Rose Fulbright's Juliet Gordon explains. Posted by Legal Cheek on Sunday, October 29, As a host of lawtech products hit the market, promising major boosts to efficiency and new possibilities to extract useful information from data, clients are demanding that their advisors engage.
Fluent in the basics of artificial intelligence functionality, Birch has encouraged junior colleagues, such as associate Peter Critchley, who spoke on the panel alongside her and Gordon, to maximise the potential of such advances. At Legal Cheek Live he shared his experience of lawtech with attendees, explaining:.
Peter Critchley, an NQ at Norton Rose Fulbright, talks about his direct experience of using lawtech during his training contract. Posted by Legal Cheek on Wednesday, November 1,