Law firm Steptoe & Johnson announced the expansion of its blockchain practice to assist clients looking to develop and deploy blockchain-empowered applications. Blockchains, which use an algorithm-based security mechanism called cryptographic hashing to “time stamp” and validate transactions, are the technology behind the digital currency bitcoin.
Alan Cohn, of counsel at Steptoe & Johnson, noted that with the expansion, the firm is “taking the step from being counsel to the bitcoin and blockchain industry, to being counsel to companies across all industries who will be affected by the many applications for blockchain and distributed ledger technology.”
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