Blockchain: Piecing it together

Blockchain: Piecing it together

The proliferation of blockchain technology has led many sectors to re-examine traditional ways of doing business, even if the platform remains shrouded in the fog of confusion and hype. Nowhere is the potential more apparent, or the sector more traditional, than in the negotiation, creation and execution of contracts. If the blockchain evangelists are to be believed, the manner in which parties contract will be changing radically in the not-too-distant future. But while a number of high-profile success stories illustrate the potential of the technology, it is clear that there is a long way to go if it is to ever live up to the rhetoric.

To understand blockchain and the value that it may bring to business, think of how an ordinary business transaction works: there is an agreement and exchange of goods or services between parties. Each party will have their own ledger, which records the transaction. But because the ledgers are held independently, there is scope for discrepancy between them – be it through error, disagreement or fraud. Traditionally, this was mitigated by introducing a third party to the transaction – usually a bank. Continue reading “Blockchain: Piecing it together”

Client profile: Rushad Abadan, Standard Life Aberdeen

Client profile: Rushad Abadan, Standard Life Aberdeen

The general counsel of the Scots-based investment giant reflects on the lessons of the financial crisis and what it takes to run a FTSE 100 legal team

Rushad Abadan always knew what he wanted to do with his life. ‘I always fancied the idea of being a lawyer, even at school. I was one of those people who was very clear about their career path early on. Happily for me it worked out.’ Continue reading “Client profile: Rushad Abadan, Standard Life Aberdeen”