In today’s interconnected, “always-on” environment, it is easy to forget how dependent we all are on records and, more importantly, on the people we trust to make these records correctly and to hold them securely. One solution has been the “trusted third party,” who maintains a single ledger for a group. Blockchain is another solution. From a legal perspective, there are challenges with both the blockchain technology and the idea of adopting smart contracts. Mayer Brown partner Oliver Yaros shares his insights as part of our Tech Talks video series.
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Generally speaking, a Blockchain is a peer-to-peer operated distributed digital ledger that records all transactions executed for a particular asset. The ledger is “distributed” because each user of the network has its own copy of the blockchain, and each user’s copy is updated with new information simultaneously. The greatest benefit of distributed ledger applications, in comparison to conventional financial networks, is that exchanges of a particular asset can be verified, monitored and enforced without the presence of a trusted third party or a central institution.
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