Blockchain’s Promise To The Legal Industry
Blockchain has taken the world by storm and is in the process of revolutionizing the entire digital landscape, one industry at a time. According to the infographic below put together by Bitfortune.net the blockchain tech influence won’t end with only 16 Blockchain Disruptions.
Blockchain is a technology using decentralized digital ledger and has slowly made its way into the day to day practices of major law firms such as K&L Gates.
Often, the legal industry is considered as an old-fashioned profession with no room for innovation. Proving this stereotype wrong, Global Legal Blockchain Consortium was recently developed to promote the use of blockchain in the legal industry. This is because there are various potential ways in which blockchain can streamline the sector. Court cases, for example, are based on pieces of evidence, and more often than not, evidence go missing or is being destroyed on purpose. In such an event, blockchain can come to the rescue and help in storing all the data, especially the digital documents and records, safely and securely.
There are various other aspects in which blockchain can revolutionize the industry, including the following.
Smart Digital Contracts
Traditional digital contracts take a significant time to accomplish and use physical signatures to bind the parties into an agreement. The blockchain attempts to transform this into a digital process by making the documentation easily accessible and even aims at removing the need for a lawyer in the first place. This means that the contracts could be created and executed directly between the involved parties without requiring an intermediary.
Property Deeds And Land Registry
The blockchain technology can bring the different parties on the same page by maintaining a public ledger for recording deeds, ownership changes, and property titles. This way, insurance companies, property owners, banks, and municipalities would no longer need to struggle with a lot of paperwork.
Further, they would have quick access to clean records which would increase the transparency and curb corruption.
Protecting Intellectual Property
The law has always found it tough to protect the works of artists and musicians. Their work, including video files, images, audio, and the like, is often used by others without their permission. This way, they do not get any
royalties and struggle hard to make profits.
Blockchain could be of great help in this regard and help people in registering their intellectual property.
These examples are just a quick glimpse of how blockchain can streamline the entire legal industry. While cryptocurrencies and Bitcoin often make the headlines, their underlying blockchain technology has got significant potential and definitely deserves recognition.
To find out more about blockchain and how it is transforming various industries and sectors, read the infographic online go to: https://bitfortune.net/blockchain-disruptions-infographic/
About the Author: Stefan Ateljevic, Head of Content and Casino Auditor at bitfortune.net.
With an extensive background in content creation and love for online gambling and all things crypto, Stefan aims to improve the current state of the crypto gambling industry by creating casino case studies and other valuable content.
Outside of work, Stefan enjoys a glass of whiskey and late night poker sessions.