find the latest legal job
Corporate/Commercial Lawyers (2-5 years PAE)
Category: Corporate and Commercial Law | Location: Adelaide SA 5000
· Specialist commercial law firm · Long-term career progression
View details
Graduate Lawyer / Up to 1.5 yr PAE Lawyer
Category: Personal Injury Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Mentoring Opportunity in Regional QLD · Personal Injury Law
View details
Corporate and Commercial Partner
Category: Corporate and Commercial Law | Location: Adelaide SA 5000
· Full time · Join a leading Adelaide commercial law firm
View details
In-house Legal Counsel & Commercial Lawyers
Category: Corporate and Commercial Law | Location: All Sydney NSW
· Providing lawyers with flexibility and control over when they work, how they work and who they work for.
View details
In-house Legal Counsel & Commercial Lawyers
Category: Corporate and Commercial Law | Location: All Melbourne VIC
· Providing lawyers with flexibility and control over when they work, how they work and who they work for.
View details
Blockchain tech to impact financial services sector

Blockchain tech to impact financial services sector

Nick Abrahams, Norton Rose Fulbright

Blockchain technology has the potential to improve clients’ end-to-end experience but the legal profession must consider its regulation, according to Norton Rose Fulbright lawyers.

Nick Abrahams, APAC head of technology and innovation, told those gathered at Norton Rose Fulbright’s Unlocking the Blockchain event last week that “Blockchain will radically impact the financial services sector”.

Mr Abrahams – along with Norton Rose Fulbright consultant Tessa Hoser and senior representatives from ASIC, CBA and the ASX – were part of a panel discussion about blockchain technology and regulation at the event.

The session focused on the potential applications of blockchain and distributed ledger technology, and the key legal and regulatory considerations for those wishing to use the new technology.

Michael Eidel, executive general manager cash flow and transaction services at CBA, emphasised the importance of identifying how blockchain will help to remove client’s pain points in end-to-end processes.

“Trade finance and simplification of the many layers in supply chains are likely to be among the first sectors where cost efficiencies and better customer outcomes could be achieved by using blockchain technology,” Mr Eidel said.

The Norton Rose Fulbright speakers also discussed regulation.

“As with any innovative and disruptive new technology, the regulatory developments that sit alongside its adoption are front-of-centre in the minds of many of our clients,” Mr Abraham said.

Ms Hoser said key issues remain in establishing appropriate regulatory settings, both domestically and internationally, but there are promising signs of collaboration between the various regulators.

“The ability to use distributed ledgers to hold information for ‘know your customer’ checks could result in quicker and safer identification processes in a range of transactions,” she said.


Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Blockchain tech to impact financial services sector
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Scales of Justice
Dec 15 2017
Timing ‘critical’ in unusual contempt of court ruling
A recent case could have interesting implications for contempt of court rulings, according to a Ferr...
Dec 14 2017
International arbitration and business culture
Promoted by Maxwell Chambers. This article discusses the impact of international arbitration on t...
Papua New Guinea flag
Dec 14 2017
World-first mining case launched in PNG
Citizens of Papua New Guinea have launched landmark legal proceedings against the country’s govern...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...