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Blockchain holds immense potential for enhancing effectivity, offering real-time info,’ in keeping with Huhnsik Chung
SQrBlock Options can be led by the agency’s fintech apply co-chair Huhnsik Chung
High 200 US agency Carlton Fields is opening a blockchain consultancy, SQrBlock Options, because it seeks to capitalise on rising consumer demand for authorized and regulatory recommendation associated to distributed-ledger know-how.
Huhnsik Chung, co-chair of Carlton Fields’ fintech and P&C insurance coverage regulatory and transactional apply, has been named chief government and president of the brand new enterprise, with fellow co-chair Barry Weissman named government vp.
Chung mentioned: “Blockchain holds immense potential for enhancing effectivity, offering real-time info, and decreasing prices. Enterprise leaders all over the world are recognising the compelling circumstances for blockchain know-how. The truth is, greater than half of surveyed senior executives say blockchain has change into a essential precedence.”
One problem, mentioned Chung, is that the novelty of distributed-ledger know-how and its technical nature means organisations can discover it complicated to embed blockchain into their on a regular basis enterprise features. Carlton Fields’ blockchain consultancy goals to unravel that by giving shoppers entry to the authorized and technical experience wanted to construct blockchain-powered apps, services.
The consultancy is partnering with South Korean blockchain-as-a-service supplier and developer B-square Lab to assist shoppers combine blockchain know-how with their legacy IT techniques.
Weissman mentioned: “Having the technical and consultative know-how to ship complete blockchain options throughout business is highly effective.”
Chung joined Carlton Fields’ New York workplace in February having beforehand been a associate at Stroock & Stroock & Lavan for just below two years. Previous to that he was chair of Baker McKenzie’s North American insurance coverage apply.
Weissman has been at Carlton Fields for the previous 5 years of a profession spanning greater than 4 a long time, which has additionally seen him work in associate roles at Edwards Wildman Palmer, Sonnenschein Nath & Rosenthal, and Graham & James.
Blockchain know-how is getting used to disrupt a variety of industries, together with buying and selling platforms, provide chain monitoring and insurance coverage.
Numerous different corporations are stepping up their blockchain advisory efforts. Final yr Bird & Bird published a blockchain report outlining the potential regulatory hurdles of assorted blockchain functions.
Final week Fb’s digital foreign money undertaking Libra, which can run on blockchain know-how, named HSBC’s chief legal officer Stuart Levey as the CEO of the Libra Association.
Additional studying on cryptoassets
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High-stakes Telegram cryptocurrency case nears final determination — Peter Stewart analyses the affect SEC vs Telegram could have on the regulation of digital currencies
Blockchain payments provider BitPay hires its first general counsel — Eden Doniger joins Atlanta-based cryptocurrency chief because it bolsters management workforce
UK gives landmark statement on cryptoassets — Legal professionals welcome UK authorized assertion on the standing of cryptoassets and good contracts given by the chancellor of the Excessive Courtroom Sir Geoffrey Vos
Terminological confusion impeding crypto regulation — Lack of normal terminology for cryptoassets hampers world regulatory response says a brand new Cambridge College report
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