Blockchain is ruling the top of the conversation when considering discussions related to technology’s future in the legal industry. With a robust, transparent, and secure framework, blockchain has the potential to alter the way the legal sector works completely. Blockchain will revolutionize the legal industry from executing smart contracts and introducing complete transparency in legal paperwork through blockchain encrypted qr code.
Blockchain technology can store records on a transparent ledger with high security. Hence, implementing blockchain technology in the evolving legal sector can witness a significant increase in times to come. Blockchain technology can prove to be a game changer for legal industry, and here is how:
The legal sector includes loads of paperwork. Keeping a historical record and upkeeping the authenticity of legal papers involved in cases is a demanding task. Legal firms have started switching to digital methods of storing data, but it is generally in the form of simple paper scans. There are times of dispute over the validity of the filed paperwork. With blockchain technology, legal firms can maintain accurate custody of records and diminish the probability of conflicts. For example, one can scan the blockchain encrypted QR code to check the validity of the document or paper.
Once you have entered the details of the legal paper in the blockchain framework, nobody can modify and change them. Thus, the legality and authenticity of documents will become transparent with the adoption of blockchain technology.
Chain of Custody
The highly secure nature of blockchain makes it extremely practical for establishing the chain of custody. Blockchain protected tamper proof documents will help lawyers to easily track the digital movements of permanently stored records and documents.
Execute Smart Contracts
Currently, legal contracts demand physical signatures. The procedure can be lengthy and time-consuming, depending on the involved parties’ availability. Also, manual methods of legal documents can result in errors.
Blockchain can help overcome such issues because blockchain supports smart contracts. Smart contracts can execute automatically once all legal agreement requirements are fulfilled. It allows a more accessible and transparent way of developing and implementing agreements. The parties involved in the procedure can create a smart contract, and lawyers can authenticate the legal agreement if it adheres to the laws and regulations.
Next, the concerned people can send the contract to the signing authority, who can digitally sign the said agreement. When the smart contract is signed, the rules can deploy on the blockchain network. Hence, the parties involved can view it. Thus, smart contracts can automate all the legal operations and helps to avoid legal issues. Also, there won’t be any need to maintain the physical papers as traditional paperwork.
The Bottom Line
The world is getting more digital every passing week. The legal sector is one of the oldest, but nowhere does it excuse from the alterations technology brings. Though there may be some learning involved in the blockchain, the perks it ensures are something the legal sector should consider and introduce blockchain solutions into their systems. Whether forgery, inefficiency, or documents identity theft, blockchain can be a perfect solution for it all in evolving legal world. Contact ProofEasy to know more about how you can integrate blockchain into your legal firm.