R3 is now acting to make themselves the trainers of the next generation of new distributed ledger lawyers.
The announcement was made on the twentieth of February 2018. The statement declared a massive collection of more than two hundred financial institutions has assembled a team of ten different legal firms to help with the creation of the LCoE or Legal Center of Excellence. The new platform will be a used to educate lawyers all over the globe, with the essential fundamentals of blockchain technology and the ecosystem grown around it.
One of the law firms is Crowell & Moring LLP, the legal team that helped raise more than one hundred and seven million United States Dollars in venture capital for R3. Also, Baker McKenzie and Perkins Coie is another group involved to help speed up the rate at which qualified cryptocurrency lawyers are respectfully created.
Other members include Clifford Chance, Ashurst, Fasken, Holland & Knight, Stroock, and Shearman & Sterling. They are not only there to help collaborate with R3 for future projects, but also share different aspects learned along with way through published papers that will be released periodically. The legal team will be the recipients of several different services, such as R3’s Corda Enterprise Platform which is supposed to be launched soon.
During a recent interview, Jason Rozovsky, the senior counsel head of R3 and the new training center, pushed the point that the move is laying the foundation for legal counsel across a multitude of various enterprise applications.
Members of the new system will meet monthly to review research papers that have been withheld by the public, as well as any demos of different blockchain projects. Some of these projects would be ones already released to the public, others would be ones worked on in stealth.
An example would be that of members being given access to an early demo of Project Maison, a project that was co-built with RBS. The purpose of it being to explore using DLT. Their main purpose would be use during the regulatory reporting process. And the test project, is being completed with partners in the UK – the Financial Conduct Authority, as well as BT (telecommunications giant) and Cyprus Securities & Exchange Commission. The project has already been viewed as successful by all involved parties and is now moving into the next stage of live testing to collect more data.
And, as a part of that procedure – members of LCoE were given a sneak peak into how the Corda-based system works. And on top of that, a live demo of LEIA 2, a previously released identity platform that was co-built with R3 and Synechron (a business consultancy company).
Along with all this, members will also get monthly newsletters about the progress of others who are involved and access to the researchers of R3.