Key Blockchain Stats, Happenings, and Trends for 2020 — from yourtechdiet.com by Brian Curtis
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Key Blockchain Stats, Happenings, and Trends for 2020 — from yourtechdiet.com by Brian Curtis
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How Blockchain’s ‘paradigm shift’ puts more pressure on legal’s tech evolution — from law.com by Rhys Dipshan
As part of the Legalweek 2020 Q&A series, Legaltech News speaks with blockchain researcher and entrepreneur Bettina Warburg on blockchain’s potential disruption in the legal space, what attorneys most misunderstand about the technology, and more.
Excerpt:
Artificial intelligence may still take up much of spotlight these days, but it’s far from the only technology that can fundamentally alter how the legal industry, and the broader economy, operates.
Blockchain technology, for instance, has wide-reaching consequences for record keeping, contracting, data governance and identity management. And beyond that, it may even change how the digital economy functions and work as underlying driver for integrated, autonomously running machines. What all this means for attorneys is that specialization, technical skills, and more technology knowledge will likely become even more important than it is today.
We are not just in the days of Bitcoin, where one user transfers bitcoin to another user’s account. Instead, blockchain should be understood as part of an evolution toward a third generation Web (called Web3) that provides us with virtual machines that are stateful.
Web3 will be the basis of our transition from a digital economy to a decentralized economy. The economic opportunities of the decentralized economy can include wholly new business models: everything from fractionalized ownership and rights to assets that are secured digitally, to new kinds of verifiable and unique assets (such as virtual world avatars), to the ability for machines to transact with one another autonomously. A stateful virtual machine essentially allows us to have a shared verified reality upon which to transact digitally.
While it may sound futuristic, it is also the most obvious use for a digital infrastructure that can verify the transaction of value.
5 lessons from the 2020 US Department of Education Blockchain Summit — from linkedin.com by Johanna Maaghul
Excerpts:
1. Interoperability is the Word of the Day
2. My Diploma is on the Blockchain! Now What?
3. Who Owns My Data? Well, it’s Not Just You
4. It’s only Legit if I am Legit
5. Consensus is Good, but Action is Better
Companies Say Blockchain Could Have Prevented College Admissions Scandal — from edsurge.com by Jeff Young
Excerpt:
One of the most eye-catching aspects of the recent Varsity Blues admissions scandal was that fake athletic profiles were created for students to help them get into highly-selective colleges through so-called “side doors.”
Now, several companies that sell student-record systems based on blockchain—the technology behind Bitcoin—are pitching their products as a way to prevent that kind of fraudulent record tampering in the future.
INSIGHT: Permanent verification — the best blockchain use case for lawyers — from news.bloomberglaw.com by Holly Urban
Excerpt:
In the legal sphere, many articles have addressed the ways blockchain systems can be used for “smart contracts,” financial transactions like with Bitcoin or Facebook’s Libra, or other more complex scenarios.
However, a frequently overlooked use case for blockchain in the legal industry is actually much more commonplace—the ability to use blockchain technology as a means to allow permanent verification of legally significant documents and data.
Using blockchain technology, lawyers can prevent fraud, alteration, or forgery of documents, contracts and other legal instruments, copyrighted materials, photographic or video evidence, and much more.
Traditional document verification methods relied almost exclusively on the slow, costly, and insecure use of third party verifiers. The advent of blockchain technology is primed to make these outmoded verification methods a thing of the past.
A fresh look at blockchain in higher ed — from insidehighered.com by Ray Schroeder
Blockchain is advancing in higher education, as it is in all of society, with some interesting new applications and ramifications.
Excerpt:
Perhaps more importantly, blockchain will facilitate the difficult shift in higher education that we are now navigating. We are moving from a degree-centric environment in which the university is engaged in the life cycle of the student while on campus to one that is more of a supply-chain design providing lifelong learning. In the emerging mode, the university will engage the student prior to their first arrival on campus (or online) through their degree experience and far beyond. Michael Matthews of the Tambellini Executive Advisory Council suggests the magnitude of the impact is akin to other seismic changes we have seen in recent decades:
Just like the iPod, iPad, and smart phone revolutionized the music industry, blockchain technologies will eventually break apart the systems we have been using. The ability to put purchased data such as music in the hands of users eventually changed the systems and devices that were once needed. The whole music industry shifted the way songs were purchased and delivered once the supply chain was created to accommodate the devices.
“When we realize that #blockchain is still in the infrastructure-building stage, we can put our efforts into perspective.”https://t.co/szwEEteu8k
— Daniel Christian (@dchristian5) October 11, 2019
Also see:
Blockchain: 5 Ways Cybercriminals Can Hack The Unhackable — from disruptionhub.com
From DSC:
Though this posting sounds negative on blockchain, I don’t mean it to be…as I think it may very well have a future. But these postings show that it’s still early in the game here.