To launch the DCLDC (Digital Currency and Ledger Defense Coalition) a group of 50 attorneys from more than 40 US law firms came together. An organization fixated on providing legal skill and representation to those looking to convert blockchain technology into a range of enterprise applications. To validate and time stamp transactions of digital currencies such as bitcoin, Blockchains, which usage an algorithm-based safety mechanism called cryptographic hashing is the technology needed.
The association was instituted to safeguard the constitutional rights of trendsetters, businesses and developers that are working with digital currencies, blockchain and related technologies, and hopes to help substitute innovation in these technologies so they could be used for the improvement of society explained Grant Fondo, a partner at Goodwin Procter and a member of the group of attorneys working with the DCLDC. The DCLDC will protect the innovators who cannot afford to have legal service for instance software developers and college students through the ‘Pro bono attorney referral’.
Blockchain technology will face a landscape of regulatory ambiguity as regulators and court cope with the technology change and hence the mission of DCLDC is pivotal added Fondo. He alerted the application of old regulation and law to new tech is often a challenge though he also believes technology won’t be as deeply structured as the use of bitcoin.