Bitcoin, Blockchain, and Smart Contracts – Part 1

Photo of a Bitcoin Cash wallet on a mobile phone and a copy of Mastering Bitcoin written by Andreas AntonopoulosOver the past year and a half Bitcoin and other cryptocurrencies have been taken a place under the mainstream spotlight, meaning the public at large has witnessed the speculative behavior in the cryptocurrency market. In December 2017 the price of one Bitcoin surpassed $20,000, only to encounter a bear market where the market price today is around $6,500. This volatility is not new to Bitcoin. For example, on December 4, 2013, Bitcoin was $1,175 and shortly after, on February 10, 2014, the price hit a low $100.  I point out price volatility to show that the cryptocurrency market is a unique speculative market. With that being said, let’s put money to the side and focus on the technology on which the Bitcoin network runs – blockchain technology. As we will see, using blockchain to create and maintain a currency is only the beginning.

At its essence blockchain technology is linked data between computers. It is defined as a digital, decentralized, append-only, distributed ledger that allows unrelated individuals to transact with each other without the need for a third-party or controlling authority. Because no third-party transaction confirmation is needed, the network becomes trustless. I want to make a note on the ‘append-only’ characteristic because it is crucial to the high security value blockchain provides. Append only means that data can only be added to the blockchain, it cannot be removed. Blocks that are already on the chain cannot be altered in any way. You can only make a change by noting it on a future block that is not on the chain yet, and every participant of the blockchain can see this change. At very technical levels advanced cryptography is what allows blockchain to exist, but diving into a discussion of these technicalities requires a scientific discussion, which, while interesting, would not serve a legal purpose. However, something of high-relevance to the legal community is a discussion of smart contracts. Working closely with coders and blockchain experts, attorneys can draft smart contracts that provide a more efficient, secure, and cost-effective way of facilitating transactions between individuals.

Continue ReadingBitcoin, Blockchain, and Smart Contracts – Part 1

A Milwaukee Native Describes His Work as the City’s Police Chief

Ed Flynn was a complete outsider to Milwaukee. The city’s police chief from 2008 to 2018, he never lived in Milwaukee before he became chief, he left Milwaukee as soon as he was done, and some people questioned how much he was connected to the life of the city as a whole while he was serving as chief.

Alfonso  Morales, Flynn’s successor, is a complete insider to Milwaukee. Born in the city, grew up on N. 33rd St., graduated from Milwaukee Tech High School, as it was then called (it’s now Bradley Tech). After graduating from Carroll College, he became a Milwaukee police officer and rose through the ranks until he was named chief in February 2018.

Flynn appeared several times at “On the Issues with Mike Gousha” programs at Marquette Law School. Morales was an “On the Issues” guest for the first time on Thursday (Sept. 13, 2018). The differences between them in personal styles, in priorities, and in connecting with the community were clear.

Continue ReadingA Milwaukee Native Describes His Work as the City’s Police Chief

Welcome Our Student Blogger for September

Photo headshot of law student Jose Lazaro.Please join me in welcoming Jose Lazaro, our Student Blogger of the Month for the month of September.  Here is how Jose introduces himself:

I was born and raised in Puerto Rico where my entire family still resides. At age fourteen I was given the opportunity to play baseball at a boarding school in Philadelphia. I then moved to Florida, where I got drafted by the New York Yankees after my senior year of high school. Instead of pursuing professional baseball I chose to be a student-athlete and went on to play four years of college baseball. After battling injuries, my baseball career finally ended after shoulder surgery and an unsuccessful two-year long rehab attempt. I am now a second-year law-school student here at Marquette University pursuing a number of interests and focused on acquiring a set of skills that will allow me to have a positive impact on the lives of others and the community at large. This past summer I interned at Harley-Davidson, and I will be a summer associate at a Milwaukee law firm this upcoming summer 2019.

Thanks, and we look forward to your posts.

Continue ReadingWelcome Our Student Blogger for September