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National firm cements blockchain-based legal agreement in AusLaw first
A national law firm has become the first local legal practice to execute a blockchain-based legal agreement in a commercial contract.
Emma Musgrave
Piper Alderman has today confirmed it has utilised blockchain-based platform, Lygon, to complete a commercial contract.
“The transformative nature of distributed ledger technology is only just beginning and I’m thrilled to be a small part of helping to modernise and improve legal practice,” Mr Bacina said.
“Paper based payment guarantees have always suffered from inefficiency and risk and the Lygon platform, with the support of major banks and IBM blockchain technology should help Piper Alderman and our client’s enjoy greater efficiency and security over guarantees.”
Lygon CEO Justin Amos echoed a similar sentiment, noting that usage of the platform offers major advantages to firms.
“In February this year, Lygon created the first digital bank guarantee in the world, and it was also the first time blockchain had been used in the Australian banking sector in a live, real-world application,” he said.
“Today, in partnership with Piper Alderman, we have executed the first payment guarantee to be used commercially in the legal services industry, and it is also the first time blockchain has been used commercially by this industry too.
“The rollout of a payment guarantee with Piper Alderman demonstrates how applicable Lygon’s core technology is - and it’s exciting to think that we have only just begun exploring how widely it can be used by the legal services profession.”
Pictured: Michael Bacina, partner, Piper Alderman.
Emma Musgrave
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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