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When law meets Blockchain

June 10, 2019 at 7:00am
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The Nicosia-based law firms of Stelios Americanos Co LLC and Ch. P. Savvides Associates LLC have merged, paving the way for a new era in the provision of legal services.

And all this because of the creation of new legal synergies on innovative technology business ideas such as Blockchain, Dr Charis Savvides told Insider in an interview.

The merger, he added, aims to add new and innovative practice areas as well as broaden and strengthen existing services through the introduction of new technology such as Blockchain. This paves the way for faster and less expensive legal procedures.

Dr Savvides also said that today’s demands are a lot more intense than in the past, and therefore the introduction of technology into our lives as well as in law-making is inevitable. This merger marks the first law firm both in Cyprus and abroad applying Blockchain technology to its legal services.

“The merger aims to provide something more substantial in the field of legal services since legal services will gradually acquire a new content or undergo a transformation especially due to new technologies such as blockchain and artificial intelligence,” he said.

“It also offers the ability to audit the authenticity of stock certificates from anyone interested in any corner of the globe through the company’s website and utilizing specialized software. Enabling this feature is based on the issue of digital stock certificates, which through blockchain technology acquire a unique digital identity, allowing anyone interested in the digital file to confirm its authenticity within seconds, inexpensively and without the mediation by any third party,” he added.

Dr. Savvides then stressed that the increased attraction over the recent years of significant investment funds in Cyprus creates the need for specialised personnel in the provision of legal services – something that Cyprus today lags behind.

* The whole interview is posted on Insider Business Portal of Philenews

 

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