Piper Alderman executes blockchain-based payment guarantee, Lygon

Piper Alderman executes blockchain-based payment guarantee, Lygon

Piper Alderman, a leading advisory service provider, has become the 1st legal firm in Australia to execute a blockchain-based platform, Lygon, that streamlines paper-based payment guarantees. This commercial contract will enable the firm to witness high efficiency and security over guarantees.

Piper Alderman’s partner, Michael Bacina has shown excitement towards playing a role in modernizing and transforming the legal practice. He stated that there has been a gradual transformation of the distributed ledger technology.

Over the past years, paper-based payment guarantees have been suffering from risks and inefficiencies, which will be significantly addressed through the execution of the Lygon platform, along with the support of the IBM blockchain technology and other banks.

According to Justin Amos, CEO of Lygon, the adoption of the Lygon platform by Piper Alderman is a crucial step towards offering major advantages for a profession that relies on paper-based guarantees in the legal services industry.

He added that the platform is the 1st digital bank guarantee across the globe. The recent deployment of this platform by Piper Alderman will also mark the 1st adoption of blockchain in the Australian banking sector for real-world application.

Mr. Amos further added that the Lygon platform has been rapidly expanding its services and reach to other sectors in the region to meet its escalating demand. Its rollout with Piper Alderman highlights the increased applicability of its core technology, which comes with myriad advantages such as the reduction of fraud risks and handling errors. This high demand can be attributed to the strong focus on digital security for all sizes of businesses.

He believed that the legal profession is responsible for stockpiling and generating physical, paper documents as compared to any other industry, causing considerable risks, delays, and costs for all the parties involved. Digital instruments of the Lygon platform are paperless, accessible, transparent, and standardized, reducing issues with regards to the costs, inefficiencies, and risks with the paper-based system.

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