The blockchain consortium R3, consisting of more than 200 financial institutions, announced the creation of the Legal Center of Excellence (LCoE). The new platform will bring together ten major law firms to help lawyers from around the world examine the features of distributed registry technology and the ecosystem around it, CoinDesk reports.
The new organization will include companies such as
- Crowell & Moring LLP,
- Baker McKenzie,
- Perkins Coie,
- Clifford Chance,
- Holland & Knight,
- Sterling and Stroock.
Program participants will work on new projects and periodically publish the results of their activities.
These are some of the last pieces that we need to ensure that folks, including our membership, get comfortable with using the technology. The idea is to help these folks actually get a practical understanding of what's going on in the blockchain space, what are the projects that we're working on and what are the benefits we're seeing.
Senior Counsel, R3
R3 has not yet disclosed the fee for the services of the center, but one of the main requirements is that the legal firms-candidates should work in at least one adjacent jurisdiction with the acting members of the consortium.