Blockchain Applications and their Innovation in Legal Industry.
In the previous blog, we discussed how much important it is for a lot of departments to use blockchain to manage records. It was also discussed how different countries are using blockchain in different areas or sectors. While some are using it to manage criminal records, others believe it to be a suitable option when issuing arrest warrants and some countries are using blockchain expert solutions to solve land disputes in the country.
Blockchain has helped transformation in many sectors and still continuing. Thanks to Mastercard, businesses can now use blockchain to transfer funds. Financial institutions are using blockchain to conduct businesses and which are not yet using are looking into the possibilities. All these are law firm clients and so expect their lawyers to be familiar about what laws does blockchain follows. Lawyers in various roles will ultimately determine how laws are enforced for this new technology. The use of blockchain technology saves time currently spent on the more general aspects of the development of daily contracts and transactions. Barristers will also be able to invest time in the more difficult and in-depth issues of legal practice.
As in most industries, the legal community develops consortia to standardize blockchain technology and investigate its legal implications and opportunities. The Accord project aims to standardize smart contracts by establishing best practices that meet legal standards. The organization sets technological rules in the form of templates, models, and data schemas.
The Global Legal Blockchain Consortium is working to organize and align the legal industry with blockchain technology. The consortium is committed to improving the security, privacy, efficiency, and interoperability of the legal technology ecosystem according to its website. In all, it will adopt and promote a policy aimed at this end.
The Enterprise EthereumAlliance formed the working group for the legal industry. Its goals are to educate the legal industry on the benefits of blockchain technology and Ethereum-based technology. Integra Ledger is a blockchain for the law, which primary purpose is to become a global utility that, according to its website, provides “blockchain-based identities for legal information.”
Blockchain technology is the most transformative technology since the advent of the Internet. The transformation will affect most aspects of day-to-day business life, including smart contracts, corporate filing, criminal cases, dispute resolution, document documentation, industry associations, intellectual property rights, land registers, and title deeds, law firms, and public service records. Lawyers work in all these areas. It is equally essential for clients and lawyers to learn as much as possible about technology. Investigating new legal applications in the blockchain is also the responsibility of a lawyer to use the technology to arouse the best interest of the client.