Legal and Contractual
Most law firms today bear the burden of processing, aggregating and analyzing data to build a case. Primary and secondary data stored at the firms’ database is later used by senior litigators or partners to execute case strategies. This kind of data is sensitive and might compromise information on the organization’s operational particularities—every “touchpoint” in the system, the risks of leaks, frauds, and breach increases. Ensuring security in the entire process of documentation and exchanging those documents is an expensive endeavour. Due-diligence is thus, not only elongated but also a costly procedure. With ProofEasy you can create blockchain legal documents and find other secure solutions to address these issues.
Problems
Cybersecurity and GDPR
Both cybersecurity and GDPR have significance in the running of most law firms. Of course, cybersecurity issues are more well known than anything else because the cases of data leaks and frauds for legal documents plague the functioning of these firms. Precisely why law firms prioritize network security. Further, the problem with GDPR is that even if the law firms in question aren’t present within European jurisdiction but are catering to European clients, they need to comply with the updated GDPR laws. This would increase operational costs for firms requiring outsourcing for back-office processing and research.
The problem of Human Capital
The other problem faced by law firms is that they have been reluctant to move beyond human capital, which wasn’t a problem until recently. But now, with increasing demands of distanced work and digitized databases, it’s a bit of a problem. Also, the legacy system is proving to be a hurdle for the achievement of efficiency and productivity. Firms that choose not to upgrade their functioning technological way face risks of losing productivity and business continuity.
Solutions
Dealing with cybersecurity issues
Web3 Blockchain technology paired with a unique hash and QR code along with blockchain based cloud file sharing can ensure that documents are not tampered with. Blockchain network security guards documents or individual devices by decentralizing their administration. For example, by decentralizing Domain Name System (DNS) entries, blockchain helps prevent Distributed Denial of Service (DDoS) attacks. If there is a security breach, the matter quickly comes to the notice of the business owners. To tackle fraudsters and cheats, validating proof can be achieved with this kind of technology. This also solves the problem of outsourcing for GDPR laws since it lessens the necessity of physical back-office work.
Keeping one's business up to date
Not that using human capital isn’t necessary, but it is also essential to update the systems of technology one works within law firms. Suppose there is the presence of processes like physical documentation, the cost per unit of resource produced in excess increases. This is a hindrance to both the growth of the business and the speed of service delivery. Thus, the only way out of this puzzle is to use a kind of technology that helps firms go paperless and enables them to trust existing human employees.
In Conclusion
In trying to adapt to newer technology’s involvement, law firms are having to face more contemporary challenges every day. To deal with these challenges, there needs to be a kind of technology that is useful and user-friendly. ProofEasy makes the process of validating proofs and ensuring verification as simple as a drag and clicks operation. It maintains employee satisfaction while delivering the best protection for the firm’s procedures to ensure tamper proof documents.
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