Blockchain – one of the buzzwords of the year – could help the legal system run more smoothly and efficiently. But data privacy and regulations may limit its impact
In 2008, Apple’s creation of the app store led to the introduction of apps for everything. More than a decade later, it now seems there’s a blockchain for everything. The technology that’s best known for underpinning the Bitcoin cryptocurrency has spawned a new raft of ambitious startups looking to make the most of it.
The blockchain has a simple underlying premise: to allow people to share digital assets with another internet user. The transfer is carried out securely and can be seen by all users of the network it is shared upon, using a public record of all transactions. Blockchain networks can be open to anyone or act as a private system that’s only accessible to those granted permission.