Blockchain has grown well beyond its early use as a backbone for certain cryptocurrencies, such as Bitcoin. Many industries have begun to incorporate this emerging technology because of its high level of security and accountability. Its digital ledger capabilities have found uses in finance, accounting, land registration, contracts and logistics, among other spaces. Businesses that operate in these sectors will have opportunities to capitalize on this technology, while also ensuring they avoid new pitfalls.
Freeborn’s Emerging Industries Team brings to bear its years of contract experience to help companies create smart contracts that incorporate blockchain technology. Smart contracts are a means of automating the contract drafting and execution process to increase efficiency and minimize errors. This technology has many applications, particularly for contracts that have little variance among their terms and conditions.
Our attorneys work with companies to ensure that the smart contracts they develop are legally sound and accomplish their intended purpose. Should litigation arise because of a dispute over a smart contract, Freeborn can pull from its deep bench of litigators to help mitigate your company’s liability.