Maintaining accurate records has been known since time immemorial, but how would anyone agree that those records are faithful? Traditionally, the responsibility would lie entirely with the record-keeper, and unless there is a second source that is independently verifiable for accuracy, no one would be the wiser to any surreptitious alterations made to such records.  Blockchain technology promises a revolutionary solution by proposing a way to create records that are secure, immutable and decentralized.  With everyone on the blockchain owning a copy of the record, having to place trust on a centralized record-keeper would no longer be required. 

 

The meteoric rise of cryptocurrency has led to a veritable explosion of innovative uses of blockchain technology, including startups looking to raise funds without diving into the world of venture capitalists or banks by offering to backers cryptocurrency tokens, which may be traded and gain in value as the startup’s services launch, as well as the memorialization of contracts as “smart contracts” on the blockchain without any overseeing authority by taking advantage of its authentication nature.   

 

We here at Lee, Tsai and Partners therefore believe blockchain technology may represent one of the most significant breakthroughs in information technology since the advent of the Internet, but it is a path that is currently fraught with legal challenges.  Our team of experts aims to provide newcomers to the blockchain industry the needed legal services and risk management.  Our blockchain services include providing legal advice to blockchain service startups as well as assisting in the drafting investment trust and partnership agreements; further, we are currently working on the establishment of anti-money laundering measures.   In advising our blockchain clients, we have also been able to successfully utilize our team’s rich experiences in other fields, such as tax, intellectual property and data protection.

 

Come speak to us today to explore how this exciting technology can work for you.