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Finboot partners with LCAM to transform dispute resolution using blockchain

26th May 2020

Finboot

Lanna Deamer

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The company behind the enterprise-grade blockchain middleware MARCO, Finboot has announced it has partnered with the newly launched, London Chamber of Arbitration and Mediation (LCAM), an organisation offering arbitration, expedited arbitration and mediation services, delivered by a diverse expert panel of arbitrators and mediators with many years’ experience in dispute resolution. LCAM operates under the auspices of The London Chamber of Commerce and Industry (LCCI).

LCAM is using MARCO’s plug and play BLOCKSTAMP application to administer arbitration and mediation cases. MARCO BLOCKSTAMP uses blockchain technology to optimise case management, ensuring documents are uploaded and stored securely, accurately timestamped and made immutable, thereby embedding confidentiality and trust within the process.

In addition to increasing security and efficiency, blockchain can also reduce costs by decreasing the amount of administrative time required, which in turn will result in cost savings for clients.

LCAM is an early adopter of blockchain technology in the dispute resolution field, enabling it to provide rapid and secure case management delivery to help firms in the capital and beyond to settle disputes. The global legaltech industry is worth an estimated $16bn and continues to grow as the legal industry seeks out innovative, cost effective and efficient legal solutions that are resilient in the 'new normal' environment.

Juan Miguel Pérez, CEO and Co-Founder at Finboot, said: “We are delighted to be partnering with LCAM and applying MARCO BLOCKSTAMP to the legal sector. We believe blockchain has the power to transform all legal processes by delivering trust in their management and the way data is handled and stored, while driving efficiency and cost savings in both normal and remote operational environments.

"Organisations around the world are accelerating their digital transformation programmes as a result of the impact of COVID-19 in order to enhance their operational efficiency, reliability and resiliency for the future. Early movers will have a distinct advantage and speed is of the essence: our conversations with LCAM started in late March and we have already configured and delivered MARCO BLOCKSTAMP for immediate use.”

Farad Asghari, Manager at LCAM, commented: “LCAM has been launched to provide businesses with a path to resolve disputes in an efficient way, so we are delighted that we are able to offer an innovative, digitally enabled service. This is the first time blockchain technology has been used in this capacity, enabling LCAM to provide rapid and secure case management delivery to help firms in London and beyond to settle disputes.”