There was the blockchain talent war, the race to launch new practice groups, and the experiments in letting clients pay in cryptocurrency.

Now at least one law firm is getting into the blockchain business directly. 

Florida-based Carlton Fields debuted a wholly owned blockchain consultancy this week, SQrBlock Solutions (square-block), headed by the firm's recently acquired fintech practice co-chairman Huhnsik Chung.

"Business leaders around the world are recognizing the compelling cases for blockchain technology," Chung said in a statement. "In fact, more than half of surveyed senior executives say blockchain has become a critical priority."

Chung, who arrived at Carlton Fields in New York in February after stints at Stroock & Stroock & Lavan and Baker McKenzie, will hold the titles of president and CEO of SQrBlock. 

Huhnsik Chung, shareholder with Carlton Fields in New York. Huhnsik Chung, shareholder with Carlton Fields in New York. (Courtesy photo)

The firm said the consultancy, which would fall under the "blockchain as a service" (BaaS) heading, will assist clients with issues such as creation of enterprise products, deployment of compliance protocols and blockchain forensics.

"Not a lot of law firms will venture into consultancy," Chung said in an interview. "Especially this type, which is a first in the legal sector."

Leading the venture with Chung is SQrBlock executive vice president Barry Weissman, who is also co-chairman with Chung of Carlton Fields' fintech and P&C insurance regulatory and transactional practice. The consulting arm will also lean on others at the firm with legal, consulting and technical expertise. 

"Having the technical and consultative know-how to deliver comprehensive blockchain solutions across industry is powerful," said Weissman. "Doing that while offering the capacity to handle all legal, regulatory and compliance issues through Carlton Fields? That's revolutionary."

SQrBlock will rely heavily on exclusive partner B-square Lab, a Korean BaaS provider and developer, for its more technical needs. The firm said B-square's proprietary framework, which is capable of marrying a client's existing legacy systems with more modern blockchain platforms, provides a unique solution for clients looking to enhance their enterprise technical functionality. 

"Blockchain holds immense potential for improving efficiency, providing real-time information and reducing costs," Chung said. 

Blockchain, which operates as a decentralized, highly secure  "shared ledger," has worked its way into everyday nomenclature but has yet to take significant hold in most major industries' daily transactions.

Information is stored on multiple peer-to-peer networks, both public and private, and the networks involved must all approve a transaction before it can occur, increasing the relative security of the information by eliminating single points of failure, among other attributes. 

While the technology is still relatively new in the wider marketplace and suffers from the same adoption issues faced by all new technologies, it has made inroads in both the public and private sector. 

Carlton Fields' home state of Florida, for example, created a Blockchain Task Force in 2019, overseen by the state's department of financial services, that is examining how the technology can be used by the state to increase data security, monitor transactions and facilitate service delivery, among other things. 

Blockchain could also help address the COVID-19 pandemic, its proponents say. 

The Dutch government, for example, is trying to use it to track its medical supply chain and muzzle potential price gougers for medical equipment. 

There has also been discussion about using blockchain ledgers to track and trace the disease, which medical experts have said is key to stamping out potential "mini-outbreaks" that are beginning to occur in regions all over the United States. 

Chung said that in addition to providing security and transparency to logistical issues, such as where to find personal protective equipment and how to track it, the technology could be important in weeding out potential knockoff therapies and pharmaceutical products once a vaccine or other treatment is created for COVID-19. 

"What we bring under one roof is the ability to bring technology to the market, deliver the product itself and provide any associated consulting and legal work," Chung said in an interview. "Our platform is easy to use, rigorous and includes a decentralized framework. I hope it takes root in the marketplace and SQrBlock becomes a recognized brand."

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