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Wednesday, November 25, 2020

How is Disruptive Blockchain Technology Reshaping the Legal Industry?

Blockchain technology is revolutionizing various industries and businesses, and legal industry is one of them. It is enticing legal businesses with different characteristics, especially with the feature of securing information in an encrypted and transparent ledger.

Disruptive Blockchain Technology Is Reshaping the Legal Industry

This is how blockchain technology reshaping legal industry
Disruptive blockchain technology has been projected to be the second most popular invention after the internet. It has been reshaping several industries since including the legal industry.

Blockchain technology is termed as a digitized, decentralized and public ledger that can record transactions between two parties efficiently and verifiable with the help of cryptography.

With this technology, the data is stored into blocks containing a hash pointer linking it with the previous block, a timestamp and transaction data. The whole mechanism is designed such that data stored in any particular block cannot be changed or deleted without the alteration of all the successive blocks, which demands collusion of the network majority.

Real-World Application of Blockchain Technology in Legal Businesses 

Blockchain technology is on the pace to disrupt the legal industry. Although not much wide-scale adoption has happened, there are various projects proving how blockchain is transforming the industry; becoming the prime medium to guide and serve the clients with better opportunities and services. Some of the prevalent ways blockchain technology is leaving its imprints in the legal industry are:

Smart Contracts 

Blockchains are already in use for creating smart contracts – the contracts capable of holding records and performing the processes around that without any human intervention. For example, Let’s say you have created a contract that defines that once your patent is approved by the Patent and Trademark Office (PTO), your partners will get a share of 10 percent. Now, the blockchain will continue to check if the patent was approved or not. Once approved, it will initiate a process releasing the shares to the partners.

Due to the least dependency on humans, it is supposed to lessen the delays in the processes and make the legal processes easy and effortless.

Blockchain technology and smart contracts
Smart contracts can be likened to your personal assistant that takes no salary but works around the clock with high efficiency. Blockchain technology makes this happen and it is going to reshape the legal industry like never before Innovate or be replaced, that’s the slogan!

Land registry and deed management 

The blockchain is also being used to meet the most challenging aspect of developing countries, i.e. to get access to the information about who owns a land area. The blockchain is providing a public secure ledger that will be accessible by the government, landowner and all the people involved. The ledger will display information about the ownership along with the date when the ownership was switched. This way, it will help in making the land exchange easier and unbiased; limiting the disputes and frauds associated with land resources.

Several Latin American nations are planning to use blockchain technology as a channel to keep a track of who possesses a piece of land and so on. In some areas in Africa, land disputes have become a general norm due to the falsification of data, centralization, and lack of transparency from the respective issuing parties. But with blockchain technology springing into action, it would be very unlikely for such incidents to repeat itself.

Intellectual Property right management

Likewise, the blockchain can provide a transparent, immutable and secure record of filing for property rights that one can access anytime and anywhere. It can be seen as a way to supply evidence of first use and integrate with different kinds of patents, trademarks, and copyrights – with every process automated.

Public record maintenance 

Blockchain technology is also employed to maintain and secure public records – to manage census data and other related information of the citizens and businesses within its jurisdiction like birth/death record, business licenses, marital status, criminal record, etc.

Various African countries are looking forward to the technology of trust for keeping the census information incorporated with the voter records information to have a central storehouse of eligible citizens.

Wrapping Up 

In a nutshell, the increasing application of blockchain technology is in favor of the legal industry, real estate and other business verticals in the market. Though it is not yet predicted what the future of blockchain technology would be like for the legal industry, one thing that is certain is that the whole world of legal businesses will reach the next level with this technology of trust. The lawyers will work upon becoming blockchain-savvy and including the technology in almost every work process to remain relevant in the legal industry.

Olawale Danielhttps://olawaledaniel.com/
Olawale Daniel is a business builder and psychologist, a network marketing professional, a world-class motivational speaker, a successful internet entrepreneur and a digital media strategist interested in all things mobile and digital — start-ups, media, branding. He started TechAtLast back in 2010 as a platform to quench his thirst for latest technologies. As a motivational speaker and author, Olawale has published several motivational and personal development books and he's currently working on "SUCCESS AHEAD - Don't Quit" which is billed to hit the stand by Q4 of the year. He writes regularly on his personal website on motivation and personal lifestyle and tips for network marketing success, OlawaleDaniel.com. His latest book on How to Sponsor More People in Your Network Marketing Business is still one of the best sellers in its category. He's presently working as a Health and Wellness consultant at BURN SLIM TRIM Inc., a firm that helps people regain their perfect lifestyle through state-of-the-art recent discoveries way back from nature. He's also the brain behind FOBCourse, a business university for startup entrepreneurs in Africa.

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6 COMMENTS

  1. I am not surprised that blockchain technology will shake the legal industry because from the first existence of blockchain technology, one major industry it has been questioning is legal!
    Government of all countries are trying to create rules and laws to banish or limit people’s involvement and the more they tried to use the law to do that, the more they lose out.

    So, lawyers would have to step up and learn how to use smart contract and some others to proffer their professional services or else, they’d soon be replaced by smart lawyers of the future; all thanks to blockchain technology and its disruptive nature! 🙂 LOL
    Thanks for sharing this Daniel.

    New value once again.

  2. thanks for writing indepth on disruptive nature of blockchain technology and the impact on legal industry. The information are timely and rightly needed for me now. 🙂

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