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It seems to me that many lawyers do not have a clue what the blockchain is. One comment below questions the reliability of blockchain. Compared to a paper-based system, it is extremely reliable.

Many lawyers have heard of Bitcoin. Though it may be that many do not understand how Bitcoin works.

As for the comments about the attitude of lenders, four of the world's biggest banks have teamed up to develop a new form of digital cash that they believe will become an industry standard to clear and settle financial trades using blockchain, the technology underpinning bitcoin. The total cost to the finance industry of clearing and settling trades is estimated at between $65bn and £80bn a year.

A report by the UK Government Chief Scientific Advisor stated that:

“…..the eventual impact of DLTs [blockchain] on British society may be as significant as foundational events such as the creation of Magna Carta”.

Blockchain is going to make many lawyers redundant.

No. It is not April 1st.

Michael Twomey