Following a regional briefing event held in Dubai, The Bench has joined the Global Legal Blockchain Consortium (GLBC). The GLBC is comprised of over 150 large companies, law firms, software companies, and universities that have joined together to develop standards to govern the use of blockchain technology in the business of law. Specifically, the consortium is focused on:
Data integrity and authenticity for contracts, documents, and similar data.
Data privacy and security for contracts, documents, and communications.
Interoperability between large corporate legal departments and law firms.
Productivity improvements and cost savings in the operation of legal departments and law firms.
Use of blockchain to fortify and augment existing legal technology investments adding important functionality to legacy systems to extend their useful life.
Director of The Bench, Joby Beretta, commented "There is increasing interest in the application of blockchain technology both from our clients but also from within the legal community itself. We look forward to collaborating with the leading industry players to develop proof of concepts here in the UAE."
For further details of blockchain and cryptocurrency regulation in the UAE see our previous article here. Further details of the GLBC can be found on their website.