As I am writing this, one bitcoin is traded at about USD$17,600. In 2013, bitcoin traded at about USD$100. I thought it was a scam at the time and did not buy any. Since then I’ve changed my mind and started thinking, writing, and building about and around bitcoin and other blockchain technologies. It helped that I am both a computer programmer and a lawyer and that I had economics training. So if you are a lawyer and you missed the bitcoin rush but interested in catching up in your knowledge, read on.
Bitcoin is one way of using a more general technology known as blockchain. What is blockchain? In a 2016 article, I described it as “an escrow of conclusive transaction evidence.” I have a fresh definition for you today. Blockchain is a timestamped paper trail for mission-critical applications.
Paper trail. It’s a record of past events. They could be sales,
Original URL: http://www.slaw.ca/2018/01/16/what-lawyers-need-to-know-about-blockchain/