How blockchain technology is bringing evolution to the legal industry?

There are many challenges faced by the legal sector mainly in terms of managing legal data. Security is the main thing looked after. Adopting blockchain technology can be beneficial. It has already revolutionized the financial sector. This technology is also set in changing the processes of the legal industry. Most of the clients in this sector are becoming indulged in the blockchain. Blockchain has a great impact on the legal industry and can help it evolve for the better. Blockchain encrypted QR codes can help users to secure their legal documents. Read this blog to know more about blockchain in the legal industry.


Why blockchain technology in the legal sector?


The appearance of blockchain technology took ten years back but within the last three years, this technology has become beneficial and adopted by several companies to increase data security. The biggest companies in varied sectors are exploring blockchain technology for all the benefits it is offering in security and business operations.


Let us explain what a blockchain is in simple terms. Blockchain is an anonymous, immutable, decentralized and unhackable ledger. The decentralized nature of this distributed ledger technology allows the users to make transactions which get recorded throughout several computer networks. Every single data block is linked to the prior data block. Better to say they are chained together. The transactions made are synchronized and each node reflects your updated data that happens. When a transaction gets validated, the asset or transaction is immutable as it is almost impossible to alter the records across the chain. Due to all these benefits, the legal sector is constantly embracing this technology to the fullest. It is having great positive effects on corporate filings, criminal cases, intellectual property rights, operations of law firms etc. With blockchain secure QR code integration, it becomes easy to secure all your legal data seamlessly.


What are the areas where blockchain can be a transforming factor?


There are several areas in the legal sector where blockchain can prove beneficial. Have a look:


  1. Smart contracts


Smart contracts are self-executing and blockchain’s conventional version of contracts. In smart contracts, the terms are well-written in the code and located on the immutable & decentralized blockchain. The smart contracts are organized to execute the actions only when a set of criteria get completed. Most intermediary services, especially contract execution including agents or brokers may be eliminated with smart contracts. These contracts are auto-sufficient & autonomous and run through Ethereum (an open software platform based on blockchain). The main problem that smart contracts can efficiently overcome is trust.


  1. Intellectual Property Rights


Enforcing and maintaining intellectual property rights are becoming very tough. Blockchain can aid with the creation of a register of unregistered intellectual property rights like unregistered design copyrights. How? Blockchain can easily offer the evidence of right management information, time of creation, jurisdictional needs etc. Complete rights management can become very easy with this technology mainly via smart contracts. The lawyers can set up a sale & licensing terms of IP and those licenses can be self-executing on usage. Even the painters or artists can get paid through smart contracts. Adopting blockchain document management can be one of the wisest options to secure your valuable documents.


  1. Criminal cases


Blockchain technology can prove beneficial in the area of the criminal justice system of government. The whole system of criminal justice is not an easy one. It is complex and requires a heavy document system. Chances of data fraud and leaks are huge, but the records created by blockchain technology can be shared between the system’s players from parole officers to law enforcement officers. Any changes in the legal status of the defendant can be instantly documented.


  1. Simplify Dispute Resolution


Many areas of dispute resolution require improvement. Conventional dispute resolution is expensive, complicated and time-taking. Even there are chances of bias in the proceedings. Adopting smart contracts in the scenario of disputes can notify arbitrators through a dispute resolution interface based on blockchain. The whole process of dispute resolution can become simple through blockchain technology. Do you know that blockchain encrypted QR codes can help you to impeccably secure your sensitive documents?


  1. Land registries


Land registries can become more simplified with the help of blockchain technology. Blockchain technology has effects on title records and transactions. Blockchain in MLS can help in precise depiction and up-to-date. It can allow more collaborations and elevate property sales. This technology can boost the processes of both buying and selling properties through accurate maintenance and recording real-time titles. Real estate transactions can get a secured process via blockchain.


So, blockchain technology can revolutionize the legal sector. Evolution is set to impact positively on the legal sector, including criminal cases, smart contracts, dispute resolution etc. The complete processes of the legal industry can simplify if blockchain technology is implemented properly. The public can get more access to legal services. With blockchain encrypted QR codes, you can secure all your sensitive and vital data.

Aliasgar Abbasbhai

ProofEasy provides a safe and secure interface to send and receive documents in a secure manner without requiring enterprise-level software.

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