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Daimler’s innovative blockchain bond issue good and bad news for lawyers | Julius Melnitzer

Friday, September 01, 2017 @ 09:17 AM | By Julius Melnitzer

Kiss the trusted adviser goodbye: that, it appears, is the message for the profession from Daimler AG’s recent US$115 million bond issue, all of which was done digitally using blockchain technology.

We’re talking everything: from the organization, distribution, allocation and execution of the loan agreement to the confirmation of repayments and of interest payments related to the private placement-type transaction in late June between the car manufacturer and Landesbank Baden-Württemberg (LBBW). Lawyers were reduced to participants in a “parallel process” dictated by regulatory authorities who were...