Founding President of Bitcoin Association Jimmy Nguyen talked to the virtual audience at Albany Law School on September 9 about blockchain—what it is, what it does, why Bitcoin SV (BSV) is the one chain that persists in the future, how businesses are currently using the bitcoin blockchain, and why the technology will be the next major advancement that will impact the world in a similar way as the internet did.
Jimmy will cover the emergence of #blockchain technology and its impact on the legal system.
— Bitcoin Association (@BitcoinAssn) September 9, 2020
What is blockchain?
Nguyen began by explaining what a blockchain is.
“A blockchain is just a different way to keep records, it is a digital ledger distributed across a network of computers around the world that works without a central authority in the middle. There’s not just one copy or controller of the ledger, which makes it harder to cheat because everyone is looking and verifying the same source of truth.”
He went on to tell the audience that the Bitcoin blockchain is auditable, verifiable, transparent, and timestamped, which puts bitcoin in prime position to usher in the next era of innovation that the world will see—unlike other blockchains that aren’t scalable and suffer from high transaction fees.
Afterward, Nguyen explored a few of the industries where we are currently seeing the Bitcoin blockchain being implemented and why those industries can benefit from Bitcoin. Among these industries, Jimmy mentioned supply chain, health care, IP registry, and more.
Blockchain in legal environments
Nguyen also discussed several ways that bitcoin can be used in a legal environment; one of the most significant implementations of bitcoin in law that we will see is lawyers creating more smart contracts.
“Smart contracts are a human agreed contract that is automated on the blockchain,” he noted. “Smart contracts automate business and contractual activity. They are very good for contracts that have a very discrete set of events, for example, ‘If Y happens then Z will get paid.’ Contracts that are easy to define and based upon specific events.”
Nguyen also mentioned how blockchain technology is increasingly making its way on the radar of the legal systems in different states and countries. Some have already created regulatory frameworks around blockchain-based records and evidence. For instance, in 2016, Vermont announced that a blockchain-based record has the same legal status as a business-record; and in 2018, China announced that blockchain records were admissible in internet court disputes.
Plan for the future
To end his presentation, Nguyen left the audience with a crucial piece of advice: there are going to be changes in the legal industry that you want to stay on the cutting edge of and adapt to. Blockchain, especially smart contracts, are indefinitely going to play a role in the future of law. So you want to plan accordingly so that you are offering one of the most useful/in-demand services. You want to plan for the future in a way that allows you to be the Netflix of your industry, not the blockbuster of your industry; and it is important to learn all you can about the industry now because we are approaching the day where blockchain expertise and skills will be in high demand.
New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.