Kromann Reumert and Idefendo collaborate on blockchain solutions tailored for law firms

"Blockchain is one of the most exciting technologies to emerge in years. The possibilities are incredible, the use cases are everywhere, and they reach across multiple sectors. Blockchain can be particularly useful in the legal industry as most law firms are, among other things, burdened by a lot of paperwork, which blockchain is able to reduce significantly," says Jacob Brønnum-Schou, Head of IT at Kromann Reumert. 

Why is blockchain particularly interesting to the legal industry? 

Blockchain allows digital information to be recorded and distributed, but not edited. In this way, a blockchain is the foundation for immutable ledgers or records of transactions that cannot be altered, deleted, or destroyed. 

This has the potential to significantly reduce the time spent on verification and the cost of verification – cost savings that clients will benefit from. Blockchain can be used for verifying the authenticity of documents, contracts, transactions and a myriad of other business applications, including even the office email. 

Idefendo's Evitrace reduces complexity 

Blockchain adoptions and penetration are, however, still fairly low both in the business and government sectors. This is due, in part, to the fact that it is still a difficult technology to implement. Idefendo’s tool Evitrace can take the complexity out of blockchain so that the organization can accelerate blockchain adoption and leverage the benefits it brings. 

"Evitrace is the culmination of a more than five-year-long learning process, where we have gradually refined our offering with the help of fantastic partners," says Peter Jidesten, CEO of Idefendo. 

Evitrace makes it easy for IT teams to deliver blockchain applications rapidly and offers easy-to-use visualization tools that give you the ability to quickly search large amounts of complex data. 

In developing Evitrace, Idefendo has also taken precautionary measures against any GDPR implications. 

"Idefendo have engineered their solution so that they don’t include any actual information from the source data that they are witnessing. This makes it possible for us to use them securely and minimizes potential GDPR implications," says Jacob Brønnum-Schou. 

Evitrace makes a positive difference

To begin with, Evitrace will be integrated with Kromann Reumert's HighQ Virtual Data Room (VDR), developed and marketed by Thomson Reuters. 

"Evitrace is a truly unique application of blockchain technology, and we are very pleased to be part of this pilot project using our HighQ Virtual Data Rooms and our own in-house developed contract management system. The application will support our legal advice and thus be able to make a positive difference to our clients," says Torben Waage, Knowledge Management Partner.

M&A Partner Jakob Hans Johansen continues, "We are very excited about testing this technology as the first law firm in Denmark. Blockchain and technology more broadly will change the way M&A processes are done, and we are trying to stay at the forefront of these developments in order to free up time spent on commoditized tasks and streamlining processes to the benefit of ourselves and, more importantly, our clients".

Read more about the use of blockchain: 10 areas of interest for your business in 2022

Read about Kromann Reumert's legal advice on blockchain.