It doesn’t take Ruth Bader Ginsburg to rule that blockchain technology is on an upswing. It’s clear that this stuff is on the rise, but what’s a credible assessment of blockchain adoption in the legal industry look like?
Challenges to broader industry adoption include technological illiteracy and an aversion to investment without a guaranteed return. Lawyers must see blockchain’s impact in order to invest. Without a basic understanding of blockchain’s unique benefits, it’s a substantially harder pitch.
Scalability presents another hurdle. Will a multinational law firm see the same impact that a local one will? This remains to be seen.
Then there’s the most pressing concern of all: will blockchain help attract and retain clients? Even once it’s implemented, proving blockchain’s immediate impact will be nearly impossible.