Blockchain is a technology that is rapidly entering every industry and sector around the world. Can Blockchain improve the current legal system? Every day, there are more and more areas where this technology is being applied and changing the way they operate. One of the main advantages of Blockchain is transparency. In short, all transactions are recorded and stored online and any user can access them. The legal system and the entire infrastructure associated with it is currently undergoing a transformation, which can be observed even in our own backyard. With the advent of Blockchain technology, many industrial sectors began to undergo a thorough review of the way in which they have worked so far. Examples of potential and actual applications of blockchain technology in improving the legal sector It turns out that Blockchain can effectively transform the legal system! The way law firms serve clients and the way they do business will be completely transformed. Since most companies are successfully using Blockchain and achieving great results with it, the legal sector also wants to use the technology and benefit from its advantages. Experts believe that Blockchain technology is ideal for industries that require regular transactions between stakeholders and require frequent authentication and verification. Below are some examples, of using Blockchain technology in improving the current legal system. Smart contracts Every legal document is "sacred", has great power and it is virtually impossible to undermine it. Currently, legal documents prepared in paper form with physical signatures have such legal power. The key issue here is the authenticity of the documents, no matter if they are digital or paper. Drawing up legal documents consumes huge time resources (running behind signatures from one office to another, etc.). The process is also very costly. In most cases, documents are issued by government officials whom we fund with our taxes. Blockchain technology has the right tools that can streamline this area of the legal system, through digitization. Smart contracts, as we are now talking about them, are a combination of a digital contract and ordinary legal terminology. These contracts have embedded sets of commands, based on computer code, that can be executed and run in using Blockchain technology. The key difference between these contracts and traditional contracts is that they are automatically executed when any event occurs and require minimal intervention from officials. Issuance and title searches The transfer of assets between parties, especially in the real estate sector, is done under the name of title transfer. This process is time consuming and cumbersome. Blockchain is ready to transform this procedure. Blockchain companies allow land records to be added to the system, allowing access to records in a more efficient and transparent manner. In a recent report, Goldman Sachs highlighted that $2 billion to $4 billion can be saved annually if the process of property title searches can be moved to a distributed ledger system (DLT). Digitizing court cases When preparing for cases, attorneys have to read through many case files and search for relevant paragraphs. However, with the advancement of technology, this process is being digitized. Today, lawyers, in many cases, use a digital library that eliminates the need to search through countless rulings. Blockchain technology companies make it possible to convert millions of rulings using different legal terms. The Law Library of Congressjes United States law library is a prime example. The end of notaries is coming! Currently, a notary confirms and verifies signatures of legal documents such as contracts, deeds, and consents. Blockchain can now be used to store these documents digitally. A great example is a company called Blocknotary, which uses this technology to certify legal documents. This eliminates the need for stamping and manual signatures. Once a document is sealed and signed, it cannot be changed. Once made, changes cannot be undone due to the way Blockchain works. Law firms must simply activate the smart contract to detect any errors. Storage of legal documents Blockchain helps create complete, stamped and signed documents that are tamper-proof and forgery-proof. Currently, document storage is problematic for several reasons. First, paper documents can easily be destroyed (fire, flood, etc). Second, there is the risk of unauthorized access to documents, which can lead to various types of tampering,
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