Will implementing Blockchain technology do justice to the challenges in the Legal industry?
If there is one technology that is proving itself to be the ultimate choice for transforming the operations of any sector significantly, then it is Blockchain. Be it Finance, Pharma, Energy or Agriculture, it has consistently offered plenty of use-cases that have changed the complete functioning of that sector. In this blog, let us talk about one more field where Blockchain can bring about a revolution of sorts thanks to its various applications, the legal industry.
One of the very important sectors in today’s times, the Law industry has volumes of data, paperwork and transactions involved in its day-to-day business. From maintaining data records to preserving crucial documents, from carrying out financial transactions to digitization of data, there are a number of areas where Blockchain can be implemented to ease these complex and redundant processes.
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Blockchain in the legal industry can be used from different users point of view, sometimes it can be applicable from the lawyer’s point of view, sometimes it can be from the client’s point of view. Let us try to list down the benefits of Blockchain in the legal field.
Ease of access & storage
Lawyers have to maintain a lot of documents related to their clients, their rights, assets and properties. Also, a lot of day to day transactions of the legal industry happen between the two parties like signatures on important papers, agreements or registrations, fund transfers etc. These processes can be easily automated using Blockchain smart contracts. Blockchain can be used to store digital signatures which reduces the every time hassle of obtaining physical signatures.
Transparency & Data Integrity
Being publicly available to everyone, Blockchain provides a shared network across all the users and transactions are verified and affirmed only after reaching a consensus. Data is not manipulated, malicious or misinterpreted as Blockchain is immutable and cannot be attacked by hackers. The legal industry is loaded with crucial documents like evidence, proofs which contain confidential information. Blockchain provides a safe and secure environment to protect this data from data thefts and tampering.
Elimination of manual intervention
Although many of the tasks today in the legal industry are automated, a significant amount of time is spent on doing redundant tasks like data entry of clients in the system, updating their ledgers, maintaining critical data etc. According to a legal research and survey, as much as half time of the entire process of legal proceedings is utilized for data entry. Creating a blockchain platform with automated contracts to update data eliminates the need for manual work and also reduces the probability of human errors.
Elimination of manual work means automatic reduction of costs. Since manual work requires hiring a lot of people for redundant jobs, automating these tasks will eventually result in decreased costs. These costs are also generally borne by the clients which the lawyer levies on them. Decreased costs will make the lawyer happy, clients happy and the overall dealing between two parties smooth and sailing.
Blockchain is an important element to streamline, safeguard and simplify a myriad of processes of the legal industry while simultaneously complying to rules and regulations. It makes the processes more efficient and effective.
Also read : Smart Contracts vs Ricardian Contracts
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Digitally signed documents improve the speed of processing transactions by not having to wait for client signatures. Platforms like DocuSign allows legal firms to manage electronic agreements via eSignature to capture digital signatures.
Tokenization of assets
Blockchain can facilitate the tokenization of assets like properties or real estate which allows owners to sell them on digital platforms. Tokens can be traded on exchanges which ease out the very process of selling and buying of huge properties.
Automation of regulatory compliance
A well built Blockchain platform for the legal industry enables users to submit regulatory compliance related documents and complete the formalities. Notifications and alerts about due dates and submission can be automated using smart contracts.
Smart contracts for managing history of records
A very basic application of Blockchain smart contracts includes creating smart contracts for safely storing data records on a Blockchain network. The legal industry contains an enormous amount of data that is confidential and sensitive. It is essential that this data be safeguarded from the prying eyes of hackers or ill-intentioned people. What better than Blockchain can serve this purpose of protecting data in a safe manner?
Chain of Custody
Instead of managing and maintaining real evidence of crimes and criminals that need to be presented in the court as proof, tokens of these can be created and stored on a Blockchain platform. This not only helps in easy maintenance of the evidence but also eliminates the risk of tampering of evidence.
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