What is the GLBC?
The Global Legal Blockchain Consortium is comprised of approximately 40 large companies, law firms, software companies, and universities that have joined together to develop standards to govern the use of blockchain technology in the business of law. Specifically, the consortium is focused on:
- Data integrity and authenticity for contracts, documents, and similar data.
- Data privacy and security for contracts, documents, and communications.
- Interoperability between large corporate legal departments and law firms.
- Productivity improvements and cost savings in the operation of legal departments and law firms.
- Use of blockchain to fortify and augment existing legal technology investments adding important functionality to legacy systems to extend their useful life.
Guiding Principles of the GLBC
A blockchain by its nature must be open source in order to be trusted by the community that uses it. The GLBC embraces open source software development as a way to reduce cost and increase speed to market of practical solutions.
No vendor lock in for members
Members that host nodes of a blockchain have access to all of their data that they have written to it. This allows members to move their data to another database or blockchain without any impediment, if they so desire.
The GLBC recognizes that blockchain technology is not yet a mature technology, so the consortium will not be confined to a single blockchain. The GLBC embraces the fact that members are investing in various blockchains, and it is the goal of GLBC members to harmonize the way the legal industry interacts with multiple blockchain technologies.
Collaborative, low cost development
Because the GLBC includes all stakeholders in the legal technology industry without bias corporate legal departments, law firms, software companies, etc. the conditions are ideal for collaborative development and cost sharing. This benefit is already being realized with the first proofs of concept.
Explore blockchain based business of law applications
In lieu of significant membership fees, the GLBC encourages members to direct their resources to the development of real world blockchain applications and proofs of concept. With such radically new and powerful technology, it is important to get hands-on experience.