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Monday, July 30, 2018

Cleveland-Marshall Joins Global Legal Blockchain Consortium

Posted By on Mon, Jul 30, 2018 at 1:28 PM

  • Illustration by Graphic Artist Sam Allard / @SceneSallard

CSU's Cleveland-Marshall College of Law has joined something called the Global Legal Blockchain Consortium, it announced this morning, in order to help develop legal standards to address blockchain technology and its many emergent applications.

In a press release announcing the news, Cleveland-Marshall Dean Lee Fisher said the law school's membership in the consortium will help the region, "and communities across the nation, in taking advantage of blockchain innovations to enhance economic and societal growth.”

Cleveland-Marshall is now one of 60 organization that make up the GLBC (not to be confused with the Great Lakes Brewing Company). The consortium aims to "organize and align global legal industry stakeholders to enhance the security, privacy, productivity, and interoperability of blockchain technology."

Fortune 500 companies, law firms, software firms, and universities are all part of the group. C|M|LAW says it will provide the consortium with expertise on "the educational and professional development initiatives that will be required to enhance blockchain use and standards development."

This is only the latest headline in a stream of local blockchain news. CSU President Harlan Sands was one of a handful of leaders (including two other university presidents) that luxury car dealer / blockchain enthusiast Bernie Moreno flew to Toronto, via private jet, to learn about the technology in June. A blockchain conference is being planned in Cleveland as well, tentatively scheduled for early December.

And while the GLBC has been organizing and aligning global legal industry stakeholders, Bernie Moreno made a phone call, to State Senator Matt Dolan. Dolan promptly introduced a piece of legislation that would amend the Uniform Electronic Transactions Act by defining records and contracts secured by blockchain technology as electronic records. It's currently in committee in the Ohio Senate. 

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