Q&As

Blockchain Reaction - An Allens Report

Tuesday August 9, 2016

 

Gavin Smith, who will be presenting at the upcoming Credit Law Symposium, recently co-authored Blockchain Reaction, a report designed to assist business stakeholders, decision makers and in-house counsel across a variety of sectors to understand the technology and how it is being used, as well as navigate the regulatory and legal opportunities and challenges.

Along with how distributed ledger technology should be governed and regulated, the report considered the key concepts, current and potential use cases, and the looming transformation posed by smart contracts. Also provided were recommendations for businesses and regulators.

The report contains insights from Australian and international stakeholders, including thoughts on global trends from UBS as well as Allens strategic alliance partner, Linklaters, a window into two alternative Australian approaches to clearing and settlement provided by the ASX and Computershare, and a unique sector-specific perspective from Full Profile, winner of the 2016 Westpac Blockchain Hackathon.

The authors of the report predict distributed ledger technology will fundamentally reorder the mechanics of both financial and other transactions. In the meantime, businesses will need to decide to what extent they will participate and invest in its ongoing development. Few can afford to sit on the sidelines waiting for total clarity as the technology evolves and is deployed by longstanding competitors and new entrants alike.

To view and download the full report, please click here.

You can hear directly from Gavin Smith at the upcoming Credit Law Symposium taking place on 8 & 9 September 2016 at the Swissotel, Sydney.

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