Today there is a wide range of different legal services that help to sign agreements in different industries such as real estate, insurance, and finance. The legal sector is adopting blockchain that simplifies the work of legal experts.
Let’s find out how blockchain can help lawyers working in different areas and where the technology is already deployed.
Blockchain in legal sector
Smart contracts
Smart contracts are executed automatically when all conditions of both parties are met.
As smart contracts rely on blockchain, they allow users to get rid of paperwork that often slows down the deal-making process. Moreover, the advantage of smart contracts lies in the fact that it is impossible to counterfeit them, as blockchain does not allow changing, removing, or adding conditions to the agreement.
Property acts
The distributed ledger can store rights of property and different financial documents. In such a way, real estate lawyers will be able to easily check the property chain of customers speeding up the procedures.
Such a system will increase data transparency, make the process cheaper for the customer, and increase performance of the lawyer.
Intellectual property rights
Just like in case of real estate, blockchain can ensure secure recording of intellectual property rights. Data will be made publicly available, which will allow tracking any changes and all registered documents.
Professional musicians, artists, and authors of content will be able to manage rights to their artworks and easily settle arising disputes.
Criminal proceeding
Blockchain can improve the criminal justice system by offering a single distributed ledger for data storage.
For example, criminal charges can be recorded on blockchain allowing law-enforcement authorities, prosecutor's office, courts, and attorneys to get access and share data quickly and efficiently.
Use cases
Stampery
Stampery offers online notary services using blockchain.
Thanks to the technology, users can notarize different documents, define the date of their creation and participants of deals.
The service is also used to verify the availability, ownership, or receipt of any file and document, as well as to provide legal evidence of the existence of specific contracts.
Juris
Juris platform aims to build a decentralized legal system with different legal experts.
All lawyers that provide legal services on the platform have their own JurisID. In such a way, customers can check competence of experts and their work experience.
Specialists offer legal services to individual customers and businesses.
One of the platform’s missions is to ensure the settlement of legal disputes and justice for people living in countries with corrupted legal systems.
Crypto experts will discuss the use of the blockchain technology in the legal sector at Blockchain & Bitcoin Conference Prague.
