Monday, February 26, 2018
Like, I assume, many law profs, I'm still struggling to understand "what, exactly, is blockchain?" Until the fog finally lifts, this recent article by Professors Mark Fenwick (Kyushu University), Wulf Kaal (St. Thomas - Minn.) and Erik Vermeulen (Tilburg University) tells us that we're going to have to change and adapt how we educate the next generation of lawyers in order to adequately prepare them to practice in a blockchain world. See Mark Fenwick, Wulf A. Kaal, Erik P.M. Vermeulen, Legal Education in the Blockchain Revolution 20 Vand. J. Ent. & Tech. L. 351 (2017) available on SSRN here. From the abstract:
The legal profession is one of the most disrupted sectors of the consulting industry today. The rise of Legal Tech, artificial intelligence, big data, machine learning, and, most importantly, blockchain technology is changing the practice of law. The sharing economy and platform companies challenge many of the traditional assumptions, doctrines, and concepts of law and governance, requiring litigators, judges, and regulators to adapt. Lawyers need to be equipped with the necessary skillsets to operate effectively in the new world of disruptive innovation in law. A more creative and innovative approach to educating lawyers for the 21st century is needed.