Why lawyers should care about bitcoin

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Presented at Michigan State University College of Law Center for Legal Services Innovation

Published in: Economy & Finance, Law, Education

Why lawyers should care about bitcoin

  1. 1. WHY LAWYERSCARE ABOUT BITCOIN AND BLOCKCHAIN TECH (AND HOW TO GET INVOLVED) @pamelawjd PAMELA MORGAN FOUNDER: EMPOWERED LAW PLLC CEO: THIRDKEY.SOLUTIONS BOARD: CRYPTOCONSORTIUM.ORG COLLABORATOR: COALA.GLOBAL
  2. 2. LAWYERS CARE BECAUSE BITCOIN IS COOL @pamelawjd "INTERNET OF MONEY” INVESTMENT DOLLARS POURING IN SILICON VALLEY WALL STREET
  3. 3. LAWYERS CARE BECAUSE BITCOIN CHANGES TRUST @pamelawjd TRUST IN PUBLIC REPUTATION AND NETWORK SYSTEMS NOT INSTITUTIONS NO NEED FOR CUSTODIAL ACCOUNTS
  4. 4. LAWYERS CARE BECAUSE BITCOIN SHIFTS POWER @pamelawjd TRULY GLOBAL SYSTEM PROVIDES ALTERNATIVE TO CURRENT SYSTEMS EMPOWERS INDIVIDUALS
  5. 5. CHARITY & NGOS GOVERNMENT ACCOUNTABILITY GOVERNMENT POLICY CAMPAIGN FINANCE COPYRIGHT EVIDENCE ADR LAWYERS CARE BECAUSE BITCOIN MAY AFFECT… @pamelawjd BANKING, FINANCE, START-UPS TAX, ESCROW REAL PROPERTY SECURED TRANSACTIONS CONTRACTS ESTATE PLANNING PROFESSIONAL RESPONSIBILITY INTERNATIONAL LAW CORPORATE LAW SECURITIES LAW EQUITY CROWDFUNDING
  6. 6. LAWYERS CARE BECAUSE BITCOIN PRESENTS NOVEL LEGAL ISSUES @pamelawjd DECENTRALIZED COLLABORATIVE ORGANIZATIONS AUTONOMOUS AGENTS
  7. 7. USING BITCOIN IN A LAW PRACTICE TODAY: PROOF OF EXISTENCE @pamelawjd
  8. 8. @pamelawjd Proof of Existence: unalterable date and time stamp for ANY finalized document - confidentiality maintained
  9. 9. USING BITCOIN IN A LAW PRACTICE TODAY: NO NEED FOR IOLTA @pamelawjd
  10. 10. @pamelawjd Bitcoin’s Multisignature Feature provides Security Without Custody Typical Configuration: 2-of-3
  11. 11. @pamelawjd Facilitates consumer protection through choice and reputation Global marketplace for “arbitrators”
  12. 12. USING BITCOIN IN A LAW PRACTICE TODAY: GOVERNANCE CONTROLS @pamelawjd
  13. 13. @pamelawjd Bitcoin’s Multisignature Feature provides Accountability, Auditability, Separation of Duties ANY configuration: X-of-15
  14. 14. USING BITCOIN IN PRACTICE TODAY AND TOMORROW: SMART CONTRACTS @pamelawjd
  15. 15. @pamelawjd “A smart contract is a computerized transaction protocol that executes the terms of a contract. The general objectives of smart contract design are to satisfy common contractual conditions (such as payment terms, liens, confidentiality, and even enforcement), minimize exceptions both malicious and accidental, and minimize the need for trusted intermediaries. Related economic goals include lowering fraud loss, arbitration and enforcement costs, and other transaction costs.” Nick Szabo, Smart Contracts 1994
  16. 16. @pamelawjd
  17. 17. @pamelawjd
  18. 18. BITCOIN AND TRANSPARENCY CHARITABLE DONATIONS @pamelawjd
  19. 19. @pamelawjd
  20. 20. BITCOIN AND THE LAW LEARN MORE @pamelawjd
  21. 21. @pamelawjd cryptoconsortium.org @_CFour_
  22. 22. @pamelawjd coincenter.org
  23. 23. @pamelawjd
  24. 24. @pamelawjd
  25. 25. BITCOIN AND THE LAW WHAT’S NEXT? @pamelawjd
  26. 26. @pamelawjd
  27. 27. QUESTIONS??? @pamelawjd BANKING, FINANCE, START-UPS TAX, ESCROW REAL PROPERTY SECURED TRANSACTIONS SMART CONTRACTS ESTATE PLANNING PROFESSIONAL RESPONSIBILITY INTERNATIONAL LAW CORPORATE LAW SECURITIES LAW EQUITY CROWDFUNDING CHARITY & NGOS GOVERNMENT ACCOUNTABILITY GOVERNMENT POLICY CAMPAIGN FINANCE COPYRIGHT EVIDENCE ADR LEARN MORE: COMMONACCORD.ORG PROOFOFEXISTENCE.COM BITRATED.COM BITGIVEFOUNDATION.ORG COINCENTER.ORG BLOCKCHAINWORKSHOPS.ORG CRYPTOCONSORTIUM.ORG

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