The most important thing lawyers need to know about fintech – the emerging industry that's using software to provide financial services – is that the blockchain technology that represents its future focuses on eliminating the middle man. And that goes beyond the banks, credit-card companies and clearing houses. Needless to say, lawyers are middle men, too.
If there's any doubt that lawyers are in blockchain's sights, consider this response from Vitalik Buterin, who co-founded Switzerland-based Ethereum Foundation, a leader in cryptocurrency and blockchain technology, when asked who might suffer from the phenomenon: "I suspect and hope the casualties will be lawyers earning half a million dollars a year more than anyone else."
Lexpert contributor Julius Melnitzer reports at lexpert.ca/globe