2016 is the still a year of early adoption for Blockchain, a distributed ledger of transactions, with the World Economic Forum projecting that by 2027, 10% of the world’s GDP will be stored on blockchain. In the US, reporting firm Greenwich Associates predicts the US financial and technology markets will invest $1 billion in blockchain technology in 2016. The venture capital industry is also getting onboard with a sharp increase in investment from USD$3 million in 2011 to $474 million in 2015.

In Australia, major financial institutions such as the Big 4 banks are launching a range of initiatives such as Hackathons to further pioneer blockchain for use in contexts such as financial settlements and corporate bonds. The ASX has also thrown its support behind the technology with its $15 million stake in US-based development firm Digital Asset Holdings, LLC. earlier this year.

While its applications at present predominantly concern financial services, blockchain has a multitude of uses within the property industry, healthcare industry and agricultural space to name but a few.

Property and Tenancy Agreements

Smart contracts, a common use of blockchain, can be adapted for use in drafting legal documents specifically for property, namely tenancy agreements.

This use has been achieved by UK firm Midasium, the “blockchain of real estate”, with smart contracts allowing transparent disbursement of funds and automatic reconciliation to a bank. It also allows automatic payments to landlords, contractors, councils and property managers, using rent or bonds as a source.

Blockchain technology also has the potential to record beneficial ownership of property held via trust arrangements through a register, an idea proposed at a recent Westpac hackathon.


Among the most prominent pioneers of blockchain in Agriculture is Australian fintech Full Profile. The startup aims to commercialise blockchain technology through real-time payment on title transfer/physical delivery of grain, shared ledger solution prototype and a system that allows growers to be simultaneously paid at delivery along with all other claimants on the proceeds of sale

The company research is also concentrating on how blockchain may address longstanding issues in the agricultural industry such as high risk of credit defaulting, reconciling stock inventories and source traceability throughout the supply chain.


Current discussions around the use of blockchain in Health have mainly concerned overcoming difficulties in medical record interoperability and the significant gains in data protection that could be advanced through its adoption.

A notable example of the vulnerability of medical databases was the Anthem Breach of February 2015, whereby the records of over 78.8 million were compromised.

A blockchain can help prevent this with multi-signatures and cryptography. Data is hashed onto the blockchain and with multiple signatures required, access can only be granted conditional on approval from the necessary number of people. Hence, there could be an authorisation requirement that for patient records to be accessed, the relevant medical professionals and patients have to all give their approval

A leader in the US space is Gem Health, a provider of enterprise blockchain solutions which recently launched a network for developing applications and shared infrastructure for healthcare powered by the Ethereum blockchain. This network is anticipated to improve efficiencies in data exchange through data storage, smart contracts and identity schemes.

Key Takeaways for Blockchain Use

Blockchain has the capacity to be used in a broad range of activities, virtually unlimited wherever there is verifiable data or digital assets. What’s more, there already exist several pre-made platforms for SME’s to utilise such as the Ethereum Project and Openchain open source software. If you have any questions about the use of blockchain, get in touch with our IT lawyers.

COVID-19 Business Survey
LegalVision is conducting a survey on the impact of COVID-19 for businesses across Australia. The survey takes 2 minutes to complete and all responses are anonymous. We would appreciate your input. Take the survey now.

About LegalVision: LegalVision is a tech-driven, full-service commercial law firm that uses technology to deliver a faster, better quality and more cost-effective client experience.

The majority of our clients are LVConnect members. By becoming a member, you can stay ahead of legal issues while staying on top of costs. For just $199 per month, membership unlocks unlimited lawyer consultations, faster turnaround times, free legal templates and members-only discounts.

Learn more about LVConnect

Anthony Lieu
Need Legal Help? Get a Free Fixed-Fee Quote

If you would like to receive a free fixed-fee quote or get in touch with our team, fill out the form below.

  • By submitting this form, you agree to receive emails from LegalVision and can unsubscribe at any time. See our full Privacy Policy.
  • This field is for validation purposes and should be left unchanged.
Our Awards
  • 2019 Top 25 Startups - LinkedIn 2019 Top 25 Startups - LinkedIn
  • 2019 NewLaw Firm of the Year - Australian Law Awards 2019 NewLaw Firm of the Year - Australian Law Awards
  • 2020 Fastest Growing Law Firm - Financial Times APAC 500 2020 Fastest Growing Law Firm - Financial Times APAC 500
  • 2020 AFR Fast 100 List - Australian Financial Review 2020 AFR Fast 100 List - Australian Financial Review
  • 2020 Law Firm of the Year Finalist - Australasian Law Awards 2020 Law Firm of the Year Finalist - Australasian Law Awards
  • Most Innovative Law Firm - 2019 Australasian Lawyer 2019 Most Innovative Firm - Australasian Lawyer
Privacy Policy Snapshot

We collect and store information about you. Let us explain why we do this.

What information do you collect?

We collect a range of data about you, including your contact details, legal issues and data on how you use our website.

How do you collect information?

We collect information over the phone, by email and through our website.

What do you do with this information?

We store and use your information to deliver you better legal services. This mostly involves communicating with you, marketing to you and occasionally sharing your information with our partners.

How do I contact you?

You can always see what data you’ve stored with us.

Questions, comments or complaints? Reach out on 1300 544 755 or email us at info@legalvision.com.au

View Privacy Policy