Key opinion leaders gathered at the Blockchain in Transport Alliance (BiTA) Symposium Chicago to discuss the opportunities and challenges associated with blockchain, smart contracts, supply chain visibility, and maintaining standards.
McCarter partner Ron Leibman said, “If you use PayPal and Venmo, those are smart contracts, because you agree to terms and there’s automatic processing.”
“Law firms are spending lots of money on artificial intelligence,” he added. “They’re trying to eliminate the need for junior lawyers doing rote work. In 20 years, none of your companies are going to pay for that. Sizable firms will be focusing on higher level issues…That is the way the industry is going.”