According to a PWC report, 70% of law firms surveyed would utilize smart contracts for transactional legal services. The analysis of the surveyed law firms revealed that 41% of the legal companies will use blockchain to take care of paperwork and manuals, 21% for business support, and 31% will be using it for providing high-value legal services. Among those surveyed 41% stated they would use blockchain for transactional legal service.
The legal profession is a dynamic field and has seen the rise of new technologies that are fundamentally changing the way lawyers work. One of the most important changes is the advent of blockchain technology.
The blockchain is a revolutionary technology that we are only beginning to understand. It has the potential to change our legal profession in many ways.
Blockchain has the power to transform legal contracts, streamline the way lawyers work, and change the legal landscape in the near future. In addition, it can make legal contracts easier to manage, saving time and money. It is an ideal system for the legal profession since this method is resistant to tampering. In this blog, we will look at the impact of blockchain on the legal profession and the changes that it will bring about.
How blockchain will change the legal profession
Smart contracts(AKA self-executing contracts) add a layer of code that transforms the usual process when one enters into a contract. Instead of having to visit an attorney’s office or sign your name on several documents, smart contracts remove most of these steps thus reducing the time and money spent by all parties involved in the agreement.
A bitcoin is simply added to a network ledger that automatically adds all information required by the legality department such as the exact details of the terms and conditions, who needs to sign first, etc. And if this wasn’t enough, smart contracts also make sure that once you start fulfilling your side of the bargain you are held accountable for everything you agreed upon or else risk losing some assets attached to your account.
Any attorney who has tried serving a summons or court documents knows just how hard it is to get their hands on the individual they are looking to serve, Lawyers can end up making numerous attempts at delivering these legal notices and even have the police help them find the person in question.
Luckily though, this seems like a problem that could be resolved through blockchain technology which allows for an identification tag that tracks all physical movement and logs any online activity so as to ensure more successful service delivery.
One anonymous company actually took it upon themselves to develop smart contract technology that partners with already existing IoT devices in order to log every attempt at delivery and provide immutable evidence of service completion.
The extremely secure nature of blockchain means it’s a very convenient technology to establish the chain of custody. Given that documents are stored in an immutable ledger and since every transaction is encrypted, tamper-proof, and time-stamped, lawyers can rest assured knowing no one will have any questions about the validity or legitimacy of their evidence.
This also eliminates the need for physical notes that are difficult to organize, plus lawyer fees (which can rack up) from photocopying and scanning documents. Using blockchain for the digital tagging of real-world items simplifies the process even further.
Tagging physical items with blockchain codes, which can be read by similar tags or readers, means that GPS devices will provide irrefutable evidence when court proceedings need to take place.
In 2017, the United States Patent and Trademark Office (USPTO) received just over 440,000 new applications for trademark registration. According to their annual report for the Fiscal Year 2017, the office takes around 16.3 months to complete its average first action pendency and 24.2 months for patent average total pendency.
A bulk of Intellectual Property (IP) resources, like patents and trademarks, are a long-tail process and may take several years to be documented and completed. This issue with proving ownership is an obstacle to implementing new IP, as well as an inconvenience in transferring ownership or updating details (such as addresses for patents). This can make filing for copyrights and trademarks difficult because it takes one longer than before when examine if someone created the resource first.
Blockchain can bring radical change to how we keep track of Intellectual Property (IP). It can help speed up the approval process and make it possible for people or businesses to share or transfer ownership of their IPs without having to audit other files individually. Because approvals will be instantaneous, examining records in a large IP database won’t be so burdensome that it sets back the examination process significantly.
The Future of Law
The advent of blockchain has created a ripple effect within the legal profession. The recent use of blockchain in storing and securing data is revolutionizing the way lawyers store, protect and manage their sensitive data. It is no surprise that law firms are exploring blockchain as a way to mitigate the increasing risk and costs associated with data breaches.
With the protection of blockchain, firms can more effectively and efficiently prevent unauthorized access to their data. By leveraging the power of blockchain, law firms can put their data “out of reach” of hackers, and be better positioned to handle data breaches when they happen.
Peerplays is an open-source blockchain that provides the fastest, most decentralized network consensus model available today. Peerplays is built with Graphene technology and Gamified Proof of Stake (GPoS), bringing a new paradigm of fairness, trust, speed, and security.
You can learn more about Peerplays blockchain at https://www.peerplays.com/
We provide you with decentralized systems and tools to help you regain control, power, and freedom. We call for an empathetic approach that mirrors human interactions, rather than machine-like approaches. We’re getting the world of blockchain connected through SONs.
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