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ARTICLE · 06 NOVEMBER 2017

Blockchain And Smart Contracts – Disrupting Or Complementing The Legal Community?

Ganado Advocates
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Currently blockchain technologies are disrupting and revolutionizing various industries on a global level through the use of immutable public ledgers spread over a distributed network.

MaltaTechnology
Jens Buedinger
Jens Buedinger
James Debono
James Debono
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Currently blockchain technologies are disrupting and revolutionizing various industries on a global level through the use of immutable public ledgers spread over a distributed network. The blockchain's main disruptive element in today's commercial and economic ecosystem is its ability to eliminate the (often taken for granted) necessity to trust intermediaries to certify a transaction.

The power of decentralization of the public ledger on the chain was the underpinning technology and philosophy of bitcoin which features a peer to peer verification system whereby records, secured by cryptography, are verified by consensus across all the nodes and members in the network. The technology eliminates the reliance on one centralised trusted third party often personified in banking or government institutions that control and manage information and value, as the default brokers of trust in society.

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