Smart contracts will be a transformation says Allens

by Steve Randall21 Jun 2016
Smart contracts will be a transformation says Allens
The adoption of blockchain and distributed ledger technology is set to create transformational challenges for businesses and law firms according to a new report from Allens.
The law firm’s report highlights some of the key issues surrounding the technology, which it says is set to transform sectors as varied as the banking and financial services sector, real estate, power and utilities, industrials, government and education, agribusiness and beyond.
'Smart contracts are a prime example of how distributed ledger technology is colliding with the legal system,' said Valeska Bloch, managing associate and co-lead author of the report.
Smart contracts have the terms encoded within a computer program and execute automatically. This is just one of the uses of the growing technology.
“Under legal code, the rules can be broken, but any breach results in consequences. With technical code, the rules are programmed into the ledger from the outset and if broken, the technology simply does not work,' Valeska said.
The full report can be accessed on the Allens website.
Ashurst to close Swedish operation
International law firm Ashurst is closing its Swedish operation with the departure of its Stockholm-based team to a local firm.
Four partners, including managing partner Jon Ericson and a total of 30 lawyers and staff will join Hamiltons from 1st July. On its website the Swedish firm says that the Swedish legal market will be “redrawn” and notes that the two firms have common values.
“The firm will operate under the Hamilton name, and will combine Hamilton’s leading position in dispute resolution and insolvency with Ashurst Stockholm’s strengths in M&A and banking and finance,” the statement reads.
HSF advises on largest Indonesian IPO of 2016 so far
The IPO of independent power producer Cikarang Listrindo is the largest of the year so far at IDR3.75 million (U$275.7 million) and the underwriters have been advised by Herbert Smith Freehills.
Along with longstanding associate Indonesian firm Hiswara Bunjamin & Tandjung (HBT) who acted as Indonesian counsel, HSF advised Citigroup, Deutsche and UBS on the offering.
The team included senior associates Jin Kong and Jackie Chen in Hong Kong and HBT secondee Maya Marcella in Singapore; while the HBT team was led by partner Tjahjadi Bunjamin and included senior associates Viska Kharisma and Mia Sari and associate Dandy Firmansyah.