Many law firms are bearing a great burden of aggregating, processing as well as analyzation of data in cases. Both primary & secondary data are stored in the database of firms and later they are used by the litigators in executing the case strategies. All these data are extremely sensitive and compromising these data can be havoc. The risk of frauds, leaks and breaches is excess in the legal industry. Guaranteeing security in the complete process of documentation along with exchanging valuable legal documents are costly affairs and elongated. Blockchain technology united with QR codes and unique hash ensures no data is tampered with. Blockchain document security methods help users to secure documents seamlessly.
How can blockchain be beneficial to the legal industry?
Every business and organisation are racing to embrace blockchain technology. The financial industry has already adopted it and the results are excellent. Now the legal industry is rushing to adopt this technology.
Blockchain technology has evolved to much more than only bitcoin transactions. Creation of a transparent and immutable public ledger helps in storing information which makes it ideal for any business or organisation to hold valuable legal documents with security. Blockchain is serving as a great force to transform the legal profession. With document authentication QR codes, you can authenticate legal documents easily.
What are some of the best ways that blockchain can transform the legal industry?
Lawyers can use blockchain technology to simplify and streamline legal transactional work and store legal agreements:
a) Smart contracts save time
Today also, legal contracts are into much usage and come in hard copies with physical signatures from needed parties to create a binding agreement. Can you imagine a bulk of endless papers and continue saccing and photocopies. It makes the whole process time-taking and expensive. Major forgery comes into this part. Blockchain technology can completely digitise this procedure through “Smart contracts”. These contracts are automated. All legal contracts can be created and auto executed between respective parties with less intervention from third parties. With blockchain document security methods, users can secure their sensitive legal documents.
b) Chain of custody
Chain of custody is the documentation which records the sequence of transfer, custody, analysis, evidence etc. The chain of custody needs to be tight otherwise can lead to case loss. Maintaining a chain of custody is complicated. Blockchain technology can provide a perfect solution to all the issues. This virtual ledger can track all the custody of documents. Blockchain can be used seamlessly to store legal documents in a secured environment. Here data can not be tampered with or lost.
c) Foremost concern to protect Intellectual properties (IP)
Blockchain technology can provide a visible record of your copyright ownership. You can track who has seen or downloaded the legal materials. Any failure of payment can trigger follow-up charges automatically.
Blockchain is revolutionising the legal industry to the fullest. Long-term and time-consuming processes can get transformed through blockchain. Legal operations can even get streamlined. As most law firms face big challenges, blockchain can help in dealing with these challenges. Make legal documentation secure with the blockchain document security method.
