Why Legal Experts with Blockchain Technology Knowledge Are In High Demand

April 24, 2019 Quick read

In modern times, the demand for legal experts who hold excellent know-how about Blockchain technology and how it works are currently large as stated by the managing director of Major, Lindsey & Africa, Brian Burlant, a recruiter for big law firms and in-house legal departments.

This news comes as no surprise owning to the heavy market fluctuations taking place in the crypto world for quite some time now indicating that the stakes concerning any Cryptocurrency Exchange Platform is high.

What Burlant believes is that most law firms are facing slight troubles with the hurdles that cryptocurrencies impose and have difficulty in keeping up with the new crypto trends being released in the market daily. In the light of such events, it is important to mobilize crypto enthusiasts and that is exactly why the Blockchain industry proposes to retain lawyers that are familiar with the technology and how it operates on a daily basis in the crypto world.

Moreover, Burlant also stated that a large number of lawyers who entered the crypto space were generally from the government or other regulatory practices where they previously had already enough experience with legal affairs that were specifically linked to cryptocurrencies.

On other similar occasions, Burlant had also been found quoting that for law students as well as the people, who had just ventured into their legal profession, mapping a connection between practical business approaches with knowledge about how Blockchain technology works is initially the right way to set out on the journey.

Burlant further had an advice for law students that they should keep their sights focussed on Blockchain technology instead of only cryptocurrencies as he believes that in the future, Blockchain will be a true game changer.

In other news, Mary K. Young who is a partner at Zeughauser Group was quoted as saying the following:

“I think that the Blockchain space was extremely popular for lawyers toward the end of 2017, and then the cryptocurrency crash happened, and a lot of lawyers who were working in crypto or Blockchain went back quietly to whatever they were doing before, like Silicon Valley in the ‘90s.”

Mary K. Young in addition had to state that the privacy law’s growth has been notable during the past five years and has been adopted by global and national companies alike to have extra competencies in the privacy department as well as the data security sector.

Recent predictions cite that by the end of 2019, global Blockchain expenditure could be accountable for almost $2.9 billion, a stellar 88.8% leap from 2018. Overall, the financial sector will take home the crown as the leading industry that has invested large bucks in Blockchain technology development so far in 2019 only. The total revenue of the global Blockchain industry will be accountable for nearly $1.5 billion investment by sectors such as Networks and Securities, Banking, Insurance and Investment Services as per the indicated forecasts.

Moreover, a recent survey that had been conducted by KPMG, a Big Four auditing firm has disclosed information that asserts tax and finance executives in general are not very keen on accepting Blockchain technology for a quick Cryptocurrency Exchange. The survey indicated that at least 65% of respondents purport that they would like to extend their services by adopting Blockchain technology to digitalize all tasks that have a recurrent cycle. However, almost 67% of the employees declared that they were not using the technology during that period whereas on the other hand 33% were unaware if their company was using it or not.

Although the future of Blockchain technology looks undecided, with a digital innovation as big as this on hand it is best to have legal experts with knowledge of Blockchain technology who are in high demand as they are the prime solution for the Blockchain minefield that more than often moves on to be a complete battlefield in the crypto realm!