Ten law firms have signed up to the Legal Centre of Excellence (LCoE) launched by R3, the financial blockchain coalition intent on faster and more accurate letter of credit (L/C) processing and other financial sector blockchain applications.

The LCoE aims to help educate and collaborate with the legal global community on blockchain technology.

Named firms

The law firms joining the LCoE are Ashurst, Baker McKenzie, Clifford Chance, Crowell & Moring, Fasken, Holland & Knight, Perkins Coie, Shearman & Sterling, Stroock and White & Case.

The platform will be used for the legal and financial sectors to share and disseminate knowledge and best practice on R3's Corda Enterprise Platform and other blockchain developments.

Law firms are increasingly working with clients to provide specialist advice on the management and legal implications of blockchain technology.

L/C applications

The R3 consortium is currently working on several L/C applications. Last year it backed Voltron, which aims to streamline the processing of sight L/Cs.

R3 is piloting the platform and hopes to make it widely available this year.

This article represents the views of the author and not necessarily those of the ICC or Coastline Solutions.