Blockchain is a force that is fast changing the way every industry or sector functions across the globe. It can be said that, Blockchain is as ground-breaking as the internet. The soul of Blockchain is a technique to create an irreversible but transparent shared ledger where all the transactions would be recorded and stored.
The Legal industry is no exception, and Blockchain has brought it at a cusp of a major overhaul in the way it works. The way in which the law firms serve their client and how they conduct their operations will be completely altered. Since, most of the businesses are adopting Blockchain and getting splendid results out of it, the legal industry also wants to leverage the technology and harness its benefits. Experts believe that Blockchain technology is ideal for industries which involve continuous transactions between parties on a regular basis, and demands frequent authentication and verification.
There are 5 areas which the Blockchain has the potential to transform the legal industry:
Though Blockchain has immense potential to transform the legal system, it is still in its nascent stages and it will take a lot of time to become a widely accepted norm. Hence, we can expect some teething issues until then. Moreover, unless every court, law firm and client uses the services of Blockchain consulting companies, it won’t be a standard process.
But the best part is that clients today are increasingly informed and aware about the technology advancements. So, if they insist other parties in the law chain have to adopt Blockchain practises sooner or later. Be it any aspect of the legal landscape, such as Intellectual Property, Title Transfer, Legal Documentation or notarization, Blockchain is the one stop solution for all.
Aeries Blockchain services help clients to deploy Blockchain technologies through multiple frameworks such as HyperLedger, Ethereum, etc. It understands the unique client requirements and develops a customised solution according to the situation.