If we talk about a transformative technology which has spurred a positive change across different industries, then Blockchain takes the lead. A technology which forms the DNA of cryptocurrency transaction has now unfolded its multifaceted applications. This Distributed Ledger Technology has had its impact in different fields owing to its features like transparency, faster operation, and security. All these factors make it eligible for legal firms and lawyers.
Blockchain and Law: How it will strike a balance?
We have already mentioned the features of Blockchain, which makes it an inevitable change. It is secure, immutable, and this will allow the lawyers to authenticate and record different legal matters. Now, these can be any kind of records like court records, property records, UCC filings, fund transfer, agreements, chains of custody. Besides, the security factor, it’s the ease of accessibility which makes it a helpful move for the lawyers.
Four ways in which Blockchain can help the lawyers:
- Property Deeds- Well, one of the first major use of Blockchain was in the field of property and real estate. Since any kind of property transaction involves a lot of money and paperwork, which also needs the intervention of lawyers; having a DLT fed with all the necessary data will solve the purpose. This DLT is accessible only to the authorized user, thus reducing the probability of fiddling with the information, thereby guaranteeing the security and authenticity of the information.
- Document notarization- Many startups have emerged, which are offering notary services online using Blockchain technology. Individuals can upload documents, hash it, and the time-stamping adds to the necessary authentication. With time stamping, you can get to know about the date and time of creation.
- Chain of custody- Immutability is one of the greatest features that Blockchain has to offer. This comes as a solution where we have property ownership becoming a questionable affair. Real Estate lawyers using Blockchain can verify the chain of custody of property, and this takes lesser time which otherwise would take weeks to months. Thus, using Blockchain expedites the process and enhances the client’s satisfaction in a lawyer.
- IP rights- Now this is a sensitive issue, but with the help of Blockchain, one can easily be assured of securing their rights on the information created or invented by them. It involves some legal aspects and having a lawyer who is versed on legalities of IP rights, and you cannot expect a seamless system.
With the growing demand for Blockchain and its implementation in a different field, lawyers knowing this domain will have an extra edge over the others who are still naïve to the technology.