Why Blockchain Matters
Blockchain has revolutionized the way we store data and our very notions of “money”, but there’s more to it. You can expect this technology to instigate a legal revolution. It is a huge disruptor, and it can completely digitize the way lawyers deal with their workflow and with their clients.
We’re already seeing how blockchain can disrupt and instigate a legal revolution. Here are three of the most spectacular ways it is doing that:
1. Smart Contracts
Smart Contracts are digital self-executing contracts, guaranteeing that the terms of the agreement are met irrespective of any third-party interference. It’s a technological revelation that cuts out the middleman, automates services like ESCROW, and maximizes the follow-through rate of agreements.
Practically, this shifts major responsibility to the lawyers. They must now be digitally aware of what is being typed out in the contract. Since the contract is self-executed, special care needs to be taken before the contract is agreed to. Otherwise, dispute resolution post-facto is just much more costly.
2. Blockchain and Intellectual Property
Blockchain revolutionizes the Intellectual Property landscape by serving as a common ledger for the registration of all patents, trademarks, and copyrights. Checking for Intellectual Property conflicts can be much, much easier with this new technology.
Blockchain can be used to create electronic notaries that can authorize certified documents and give out a secured key to create, manage, store and distribute the digital identity or document remotely removing the traditional way of a face-to-face interaction e.g., Blockademia, the blockchain notary of Greater Paris “La Blockchain Notariale”.
Blockchain could be a great alternative to the current challenges the legal sector faces. It can solve issues like the huge work load, storage costs, or even human error. There is nothing stopping law firms from adopting this solution today and exponentiating their business.