Block chain technology is constantly becoming an eventual event. Therefore, this is a technology that is disrupting every industry around the world. This is a technology that is widely known for storing the data in a transparent and immutable ledger. Block chain is a technology that offers a higher level of precision.
These days’ legal industries are looking to revolutionize their operations with ledger technology. By storing and validating all the transactions, legal firms are going to maintain a chain of custody.
Currently, in the industry of law, all the lawyers are there under very heavy pressure of paperwork. Therefore, keeping records of all cases in handwritten form is very much difficult for people. Therefore, block-chain has the potential to disrupt this legal industry. Hence, this is a block chain that seeks to adopt decentralization in the business of law.
Now, we will discuss the use-cases of block chain in the field of the legal industry. There are multiple use cases of block chain in the legal industry. These include smart contracts, land registry, litigation and settlements, financial transactions, intellectual property rights, and chain of custody.
Use cases of Block chain in law industry:
- Smart Contracts: Currently, the legal contracts of law are written on papers with the help of pens. Therefore, this is a method that requires a lot of time to accomplish the binding of legal agreement.
But now with the help of Block chain, you could bring this system to an end. Now you can make the legal documents and more accessible and transparent. You can easily create a contract with the help of Block chain. Let’s see how documents are transformed into smart contracts.
- Signing Authority: The person who approves the contract.
- Lawyers: Who handles legal issues and contracts?
- Parties: Individuals involved in legal issues.
- Intellectual Property: Due to the lengthy process of approval, it becomes challenging to find who created the Intellectual Property first. There is no need to worry now as because Block-chain will bring disruption in the handling of patents and trademarks. Therefore, this will further help in reducing the approval wait times and required resources.
- Chain of Custody: The collection of evidence is a part of the investigation. Therefore, the ability to validate proofs; proper documentation is required. Documentation helps in the cases having long time hearings. Pieces of evidence found can become critical after a long period of time. But block chain has made everything easy.
With the help of block-chain in law, people can easily collect proofs and make the storage and documentation by block-chain.