(Toronto) Canada – Fasken is one of the first founding members of the Global Legal Blockchain Consortium (GLBC), the non-profit group positioned to lead standards and governance for the adoption of blockchain technology in the legal industry.
As part of the GLBC selection process, firms are required to submit examples of effective blockchain use in the business of law. GLBC members will serve on committees to develop policies for a permissions-based blockchain in law, and will administer control of all related privileges. Other members include BakerHostetler, IBM and Integra.
“We are thrilled to be one of the initial founding members of GLBC,” said Robert Garmaise, Chief Innovation Officer at Fasken. “Examining blockchain technology in law, with our colleagues across law firms, technology companies and academia, will enable us to determine its most impactful benefits for our clients.”
“Our clients expect us to be leaders as the law develops for new technologies,” said Peter Feldberg, Firm Managing Partner. “As a member of GLBC we are pleased to contribute to the development of policies and standards that will help users get the most from blockchain technology.”
At Fasken, we have a leading legal innovation practice advising clients across industries who are adopting blockchain and other technologies. We provide analysis, training and services to help clients get the most from these innovations. As a member of GLBC, we now have the opportunity to set criteria and oversee the best uses for blockchain globally in the legal industry.
About Blockchain Technology
Blockchain technology is a decentralized digital ledger that records encrypted transactions across many computers. Once a transaction, a block of data, is validated, it cannot be changed and it is added to a chain of transaction/data blocks. This is defined as blockchain technology.
Fasken is a leading international law firm with more than 700 lawyers and 10 offices on four continents. Clients rely on us for practical, innovative and cost-effective legal services. We solve the most complex business challenges, providing exceptional value and putting clients at the centre of all we do. For additional information, please visit our website at fasken.com.
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