Today public DLT network Hedera Hashgraph announced global law firm Dentons as the latest addition to the Hedera Governing Council. Denton’s joins existing members, including DLA Piper, IBM, and Google, bringing the total council participant count to 16.
Council Members’ contribution to the network governance ensures its stability and diversity, eliminating the risk of the network splitting, strengthening user safeguards, and maintaining its integrity.
Denton’s initial plans in collaboration with Hedera include utilizing the network to support its clients’ fundraising efforts through asset tokenization, an area where Denton already offers legal services. Also in the works is developing and testing smart legal contracts for asset tokenization, using Singapore as a jurisdictional sandbox.
Kenneth Oh, Denton’s Singapore partner and representative on Hedera’s Governing Council said, “Given the increasing proliferation of deployment of DLT (distributed ledger technology) across industries worldwide and the rate at which we are consulted on legal matters pertaining to DLT, we are at the forefront of legal consulting for DLT initiatives and use-cases implementation and look forward to contributing legal perspective on and to participating in technological innovation in the DLT space as a member of the Hedera Governing Council.”
“The addition of Dentons to the Hedera Governing Council will allow both parties to continue to transform the legal industry through DLT and will ensure continued innovation on legal issues relevant to DLT, opening avenues to thrive amidst a rapidly changing dynamic,” said Mance Harmon, Hedera’s CEO and Co-Founder.
Dentons is the second law firm to join the Governing Council after DLA Piper, which was amongst the first organizations to sign up for the Hedera Council in 2019. Recently DLA Piper took the initiative and moved beyond offering DLT legal advice, launching its own security token platform TOKO.