Piper Alderman “first Australian legal firm” to use blockchain-based payment guarantee


Piper Alderman makes history as "Australia's first law firm" to use Lygon, a blockchain-based platform that streamlines paper-based payment guarantees. This breakthrough will help the law firm "enjoy greater efficiency and security over guarantees".

Piper Alderman is the "first law firm in Australia to include a blockchain-based payment guarantee" in a commercial agreement, the company announced today.

Michael Bacina, partner of Piper Alderman, on the announcement: "The transformative nature of distributed ledger technology is just beginning and I am excited to be doing a small part in modernizing and improving legal practice."

Bacina claimed that "paper-based payment guarantees have always suffered from inefficiency and risk".

"The Lygon platform, supported by major banks and IBM blockchain technology, is designed to help Piper Alderman and our customers enjoy greater efficiency and security over guarantees," he said.

Justin Amos, Lygon CEO, said Piper Alderman's use of the Lygon platform was "a turning point for the legal services industry" and "offers great benefits for a profession that relies heavily on paper guarantees."

Amos said Lygon "created the world's first digital bank guarantee and it was the first time blockchain was used in a real live application in the Australian banking sector."

According to Amos, "Lygon has rapidly expanded its reach and services to other sectors in Australia to meet demand for our platform."

"Our partnership with Piper Alderman executed the first payment guarantee used commercially in the legal services industry, and it is also the first time blockchain has been used commercially by that industry," said Amos.

"The introduction of a payment guarantee at Piper Alderman shows the applicability of Lygon's core technology - and it's exciting to think that we've only just begun exploring how far it can be used by legal counsel."

Amos said the ability to reduce fraud risk and error handling "is a huge benefit for Lygon, especially given the increased focus on digital security for businesses of all sizes and sizes these days."

In his view, the legal profession is "responsible for producing and storing more physical paper documents than any other industry, creating significant costs, risks and delays for everyone involved."

"Our digital tools have exactly the same legal meaning as previous paper-based guarantees, but are paperless, transparent, accessible and standardized, eliminating the inefficiencies, costs and risks associated with a paper-based system," concluded Amos.

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https://businessservicesnews.ca/2021/04/26/piper-alderman-first-australian-legal-firm-to-use-blockchain-based-payment-guarantee/

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