Insights

It seems impossible not to hear about blockchain these days. Best known for its role as the technology behind cryptocurrencies, blockchain has many other potential uses, and its development is driving frenzied business activity worldwide. In fact, its explosive growth is expected to maintain its hockey-stick trajectory well into the future. Market research firm International Data Corp. expects global spending on blockchain to have reached $2.7 billion in 2019, an 80 percent leap from $1.5 billion in 2018. By 2023, spending should rocket to $15.9 billion, nearly a 1,000 percent gain from 2018, equating to a sizzling 60.2 percent five-year annualized growth rate.

Legal departments are making recovery—the practice of proactively pursuing the payment of funds owed to them—a regular part of their operations. They have typically focused on recouping funds from other companies over issues such as IP, antitrust, financial services, and health insurance. But now some are using recovery techniques to mitigate losses stemming from product recall and warranty issues. In addition to mitigating losses, a formal recovery program can help to establish clear supplier expectations and drive desired behaviors.

In the UK, regulatory scrutiny of data breaches has resulted in significant fines. But the repercussions of those actions are highlighting broader changes in the nature of collective actions that are starting to take root in the country.