Among the many industries that have already been touched by blockchain, the legal sector is perhaps one of the most active adopters of this technology. There are many reasons for that, and it’s already clear that blockchain has a strong potential to change the way things work in this field to a great extent. And we’re likely just seeing the tip of the iceberg too “ there are many indicators that things will get even more interesting in this regard in the coming years. But for now, it’s important for anyone involved in the legal profession to pay attention to blockchain.
The Rise of Blockchain
The technology is all around us these days, and we don’t just mean cryptocurrencies either. Many industries have started to adopt blockchain in their work with great results, especially ones that rely heavily on record keeping and maintaining an objective overview of situations. It should be of no surprise to anyone familiar with the work done by attorneys that this is a field that can benefit a lot from having a better technological foundation for its record-keeping.
Specific Use Cases
There are already various use cases for blockchain in this sector. Record-keeping is not all that blockchain is useful either, as the tech has brought various new concepts to the table that are already transforming the field. For example, smart contracts are something that many people have been talking about actively for a while now, and they are particularly useful to some types of attorneys.
It’s important to note that not every subset of the legal profession has a clear-cut benefit from the use of blockchain, but there is no shortage of options to explore in this regard still, even if one’s own firm is not directly involved in any of the main types of activities. Firms like Gainsberg Law are reportedly already exploring the technology’s potential for things like resolving car accident disputes, according to statements by them.
A New Type of Contract
We already touched on smart contracts above, but it’s important to reiterate the importance of this concept in the context of legal professionals. A smart contract can significantly change the context of many types of legal interactions, freeing people from some of the common problems associated with traditional contract systems. What’s more, a smart contract leaves no place for disputes, as everything is tracked along the chain and can be verified down to a very deep level. This is something that’s just not possible with traditional contracts, and it’s something that will benefit law firms even more in the near future as they continue to adopt this tech in their own work.
Property Management
Property management “ especially with regards to deeds “ can still be a nightmare in some areas, especially those with relatively low rates of technological adoption. Digging through old, partially outdated records is never a fun ordeal for anyone involved. But thankfully, it may very well be a thing of the past thanks to the rise of blockchain. Deed transfers and various other similar events can be tracked much more easily with the help of this tech, allowing attorneys to focus on what truly matters “ addressing the underlying legal concerns of their clients.
Intellectual Property
Another field that commonly gets brought up as an example of a difficult subset of law practice, working with intellectual property can be a very complicated ordeal, especially if you want to operate on an international level. There are many caveats to watch out for, and it’s surprisingly easy to lose your grip on some of your own properties, resulting in their eventual loss if you’re not careful. Even competent attorneys can sometimes get confused over the exact situation around a specific piece of IP.
With the help of blockchain though, that doesn’t have to be the case. Property ownership can be traced back much more easily, and any disputes will be resolved by just going through the records, instead of having to involve both parties in complicated, lengthy legal battles that may or may not have satisfying results in the end.
General Record Keeping
Last but not least, there’s also a pretty good use case for blockchain in the context of general record keeping, something which is an integral part of the work of most law firms as well. This is valid for records related to the firm’s work with their clients, as well as internal ones that describe something about the law firm’s own operations. In any case, having a good system to keep track of those records and revise them over time is important.
As we said earlier, we’re likely still only seeing a small fraction of what’s possible with the help of blockchain. Integrating this technology into the current workflow of legal companies is going to be very important for those who want to stay competitive in the future.
