Blockchain in a Law Firm | How will distributed ledger technology influence the corporate governance of its client base?
Blockchain has almost caught onto maturity across different industries. Companies need spe-cific legal and business advices. This thesis examines blockchain surge with aim of providing a better understanding of motivation for companies to switch to blockchain.
Garsina Alise, 2020
Bachelor Thesis, Homburger AG
Betreuende Dozierende: Jacqueline Haverals
Keywords: Blockchain; DLT; Law; LegalTech; FinTech; Compliance; Switzerland; Banking; Energy; Logistics; IBM; Crypto; Distributed Ledger;
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The potential impact of blockchain is discussed in vast number of studies and reports. In addi-tion, there is various literature on technical applications of blockchain, often too sophisticated for economists unless they have specific knowledge. Even though there is a large and growing body of literature on blockchain, it still appears that more is reported than done. This is unhelp-ful to companies that may make use of this progressive technology. Despite its popularity, companies should not neglect business and legal aspects coming with blockchain.
Especially, law firms are challenged by its client base in regards of blockchain. Therefore, this thesis conducted a SWOT-analysis of the most prominent client bases of the law firm. Hence, the originality of this thesis will present the impact of blockchain technology on the law firm clients and thus serve as a fundamental adherence for the legal consultancy, making an essential contribution to the conformity of LegalTech and blockchain technology in general.
The legal experts are pushed to extend their qualifications. Moreover, legal actors will be “flex-pert” and act as a middleman between the business and legal matters. The regulatory aspect continues to be a major topic of discussion. Switzerland supports businesses with its flexible regulations; however, is also obliged to ensure the integrity of the private data of citizens and companies. There are no explicit regulations in the logistics and energy industry other than GDPR and government standards. Notwithstanding this fact, FINMA managed to set a certain framework and issued guidelines for banking sector. The legal bases in logistics are to some extent intertwined with those from the banking. While the legislation in the logistics is still vague, the application of blockchain in the supply chain is actively in use. Blockchain has also gained foothold in the energy industry. The implementation and application of blockchain have already taken place. Unlike the logistics sector, the energy sector has legal frameworks that must be aligned with the state regulations. The energy sector is still developing, technology- and regulatory-wise.
Studiengang: Business Administration International Management (Bachelor)
Fachbereich der Arbeit: Volkswirtschaft