Blockchain technology company, R3, has announced the creation of the Legal Center of Excellence (LCoE), a program for training lawyers on the essentials of blockchain technology.
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The consortium, comprised of more than 200 institutions, has brought together a team of 10 law firms.
The ten firms joining the initiative are Ashurst, Baker McKenzie, Clifford Chance, Crowell & Moring, Fasken, Holland & Knight, Perkins Coie, Shearman & Sterling, and Stroock.
In May 2017, Crowell & Moring advised R3 in securing $107 million in the largest investment in Blockchain technology to date.
Investors in this consortium included more than 40 global financial institutions and other companies from across Europe, Asia-Pacific, and the Americas.
“We are excited to partner with R3 to share best practices on blockchain technology and Corda,” said Philip T. Inglima, Crowell & Moring chair.
LCoE members will have access to R3’s research on blockchain and monthly demonstrations that will give them insight into “real world blockchain applications,” according to R3’s announcement.
Richard Gendal Brown, R3’s chief technology officer, said the LCoE “will allow R3 to directly engage with the lawyers that will be advising on and helping draft the smart contracts used by the network of Corda users across the globe.”
Launched in September 2015, R3 was born out of a common frustration among banks and other financial institutions with multiple generations of disparate legacy financial technology platforms that struggle to interoperate, causing inefficiencies, risk and spiraling costs.
Recognizing the power of blockchain technology lies in its network effect, R3 worked with the industry to build the largest collaborative group of its kind in financial markets.
Since then, R3 has grown from a staff of eight finance and technology veterans with nine bank members to a global team of over 125 professionals serving over 100 global financial institutions and regulators on six continents.
Their work is further supported by over 2,000 technology, financial, and legal experts drawn from their global member base.
Corda is a distributed ledger platform that is the outcome of over two years of intense research and development by R3 and 80 of the world’s largest financial institutions.
A financial grade ledger, Corda meets the highest standards of the banking industry, yet it is applicable to any commercial scenario.
With Corda, participants can record, manage and execute financial agreements in perfect synchrony with their peers, creating a world of frictionless commerce.
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