The importance of secured documentation in the legal industry is very well understood due to the high level of confidentiality required. The number of confidential documents containing sensitive information about the client passes through many hands during the day.
Having multiple touchpoints in the system increases the risk of frauds, leaks, and breaches. Most of the data processed by legal firms are very sensitive, and if compromised can result in a bad reputation for the law firm and lead to a breach of privacy.
With most of the processes and documents being shared online, cybersecurity has become one of the major concerns for law firms. The cases of frauds, data leaks, and breaches are constantly increasing. Ensuring the security of documents can be very expensive.
Identity Theft And Fraud Reports, 2016-2020 (1)
Blockchain as a solution
ProofEasy’s blockchain technology helps encrypt and secure your documents on a safe server. This can be easily verified by authorized users using a QR scanner app. Given below are a few ways in which ProofEasy’s blockchain technology can help solve the problems of the legal industry:
Easy sharing and exchange of documents
Proofeasy reduces geographical boundaries by making sharing quick and easy. Large-sized documents take time to upload and download leading to unnecessary wastage of time. With ProofEasy, you don’t have to share large-sized documents anymore. You will receive a verification link in your email or you can also share it directly from the system.
ProofEasy’s decentralized blockchain-enabled technology helps secure your documents with the help of a unique QR code and hash value. The authorized person just needs to scan the QR code to view the encrypted documents. These documents cannot be altered or tampered with, thus, preventing fraud.
ProofEasy helps keep your documents confidential. Only those people who are authorized by you during the securitization process can view the documents. The documents secured on Proofeasy cannot be altered, even by you. These documents are immune to hacking and reverse engineering. This can prove to be very beneficial for the Legal industry.
Processing physical documentation requires human resources and is quite expensive. Moreover, several firms are missing almost 50% of their documentation. It has been found that lawyers and paralegals waste around 6 hours and up to 2.3 hours every week on solving documentation issues and managing them. This leads to a loss of 9.8% in the total productivity of the firm. With ProofEasy one can improve the productivity of the firm, and reduce the possibility of losses due to fraud and data breaches.