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A national law firm has become the first local legal practice to execute a blockchain-based legal agreement in a commercial contract.

Piper Alderman has confirmed it has utilised blockchain-based platform, Lygon, to complete a commercial contract.

The move makes Pipers the first law firm in Australia to complete the alternative payment method in a commercial contract and according to partner Michael Bacina, represents a watershed moment for the country's legal profession.

“The transformative nature of distributed ledger technology is only just beginning and I’m thrilled to be a small part of helping to modernise and improve legal practice,” Mr Bacina said.

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