Without any doubt, most law firms are overburdened by huge amounts of paperwork. To keep and maintain historical records of every case is time-taking and very challenging. Manual processes most of the time lead to human errors. This technology can resolve the mentioned problems. You can easily integrate blockchain into any software application. Blockchain secures documents and can help legal firms to secure legal documents seamlessly. There are more benefits to look for.
What is blockchain technology?
Blockchain is one kind of distributed ledger technology (DLT). Distributed ledger technology can change the sectors including the legal industry by making it reliable, resilient, tamper-proof, and more efficient. The distributed ledgers use separate computers, often referred to as “nodes to record and share transactions” rather than to keep valuable data centralized as in the conventional ledger. All in all, the blockchain can revolutionize the legal sector in a way that risk and forgery are mitigated while allowing needed scalability.
How does the legal industry use blockchain?
A survey done by PwC stated that 70% of law firms can utilize smart contracts for easy transactional legal services. The secured nature of blockchain is becoming useful for most legal professionals to grasp technology in solving various legal issues. Blockchain technology has several use cases in the legal sector that includes: land registry, smart contracts, chain of custody, intellectual property rights, financial transactions etc. Blockchain technology is changing how legal firms implement and maintain a multitude of legal services. You can secure your legal digital certificates through blockchain.
What are the advantages of using the blockchain legal industry?
There are numerous advantages of using blockchain legal sector:
a) Smart contracting
Smart contracting is the best way for legal departments and law firms to transit away from static, error-laden and time taking documentation processes. Contractual paperwork or photocopies of the contractual agreements has become a past story. With the usage of blockchain networking, you can easily automate applications of terms & conditions in an automatic way. Securing legal documents is easy with QR code security.
b) Automatic settlement
How beneficial it can be handling ownership transactions with the help of blockchain networks? The law forms daily help real estate & ownership to share transfers and that needs a good amount of attention. If legal firms use blockchain, you can eliminate human errors due to the protocol codes of blockchain. Even the restrictions and compliance can occur automatically.
c) Protect intellectual property rights
The complete process of safeguarding intellectual property rights is lengthy and time-taking. Blockchain technology can revolutionize the method of patenting and trademarking processes.
d) Simplifies contract law
The law firms can have a clear and big picture of how legal practices & services can extend with the usage of technology tools like blockchain. We hope blockchain will continue to bring vital advancement for the contract laws.
In nutshell, the importance of blockchain in many sectors including the legal sector is undeniable. Most legal firms have understood and understand this technology tool and are implementing it to make legal practices easy and simple. Legal firms can easily integrate blockchain with existing software applications. Users can secure their legal data as blockchain secure documents.
