The legal industry can see the influence of blockchain in diverse ways, right from managing blockchain matters for clients to alterations in the delivery of legal services. However, blockchain is disrupting every industry, and that too for good.
For example, educational certificate verification is simplified with blockchain QR codes. Similarly, in the medical field, one can easily access authentic medical documents through blockchain solutions. The point is that blockchain plays a crucial role. This post will underline some points that will show you how you can apply blockchain technology in the legal sector.
The Smart Contract
Blockchain can alter the process and manner of P2P transactions, and one application is known as smart contracts. This concept of a smart contract is more comprehensive than a conventional or legal contract, and it is a written program similar to a contract. The enforcement takes place on the fulfillment of preconditions.
Smart contracts transform contracts into codes that are stored, simulated, and supervised by a network of blockchain computers. Though contract creation conventionally needs a client visit to an attorney’s office, negotiations, conversations between opposite lawyers, and execution of the agreement, the formation of smart contracts is a much timelier and simpler alternative.
The Rights Transfers
The immutable and efficient features of blockchain permit transactions of more intangible assets to get recorded in the ledgers. These intangible assets encompass the rights of real estate and intellectual property, and records reflect the rights of ownership and even obligations in such areas.
Conventionally, the land registry needed a government department to confirm and process the entitlement transfer. Certain disputes can emerge under this model, such as fake records, double spending, and difficulty classifying genuine owners. But with blockchain, things become simpler and tamperproof. One can simply scan the QR code on the legal document, and verify its legitimacy.
Moreover, in a blockchain-based land registry concept, each item includes buyers and sellers, type of rights transferred, transaction time, and more. These will be recorded in ledgers once transactions are made in an immutable manner entrenched by cryptography. It would permit certified users to check the status of the specific property. Once any new record is input, each node will review it. Hence, you will not see double spending or even fraud.
Regarding intellectual property IP, blockchain with AI (Artificial Intelligence) will change the intellectual property industry. It is mainly for those small-scale startups. Due to massive costs, it is tough for startups to protect their intellectual property.
The task of blockchain to the IP industry is like a land registry, as mentioned above. The low cost of blockchain is somewhat friendly to small-scale companies. With the assistance of artificial intelligence, it will permit the system to recognize possible IP infringements. For example, AI can right away identify the resemblance among different designs.
Blockchain is here to redefine the legal industry considerably and procedurally. You must adapt to the alterations and find your positions as legal firms or lawyers. It is because changes are happening, and they will happen. Just like the education sector is ensuring educational certificate verification through blockchain secure QR codes, why not you also use blockchain solutions for your legal institutions? Talk to ProofEasy about which blockchain solutions can do wonders for your legal endeavours.