How blockchain is revolutionising our legal services
While many of the workings of the legal industry both in the UK and internationally are born from traditions, law firms are slowly modernising and embracing new technologies that other sectors have perhaps been quicker to take advantage of. At Ruthberg LLC, we employ blockchain to improve the legal services we offer to clients, boosting the accessibility, transparency, security, and integrity of our services.
How can blockchain be used in legal services?
Blockchain technology can be leveraged by the legal sector to streamline and simplify transactions and use scripted text and smart contracts to improve accessibility within the sector.
Distributed ledger technology improves transparency, ensuring that all parties can access a shared agreement. Blockchain can also help to reduce costs in the legal industry by automating some administrative tasks which previously had to be completed manually; these savings can then be passed onto clients.
The uses of blockchain in the legal sector are almost countless, and the consequences of this technology on the industry are revolutionary. Blockchain will help to restructure and streamline many aspects of legal services in a way that improves the experience of both legal staff and customers.
How is blockchain actually used?
To illustrate just how much of a game-changer blockchain can be, let’s take a look at the example of electronic signatures. Electronic signatures have been used in legal services for some time, but signing your name on blockchain compared to other online platforms is both much cheaper, simpler, and automates the job of authenticating a signature – which means further savings in time and money are made, too.
Other use cases of blockchain include chain of custody, or the process of passing evidence between parties in the run-up to a court date. Blockchain can be used to accurately and quickly track this chain of custody, generating an evidence token for each item of data collected and store publicly for all parties to view.
The legal implications of blockchain
For the legal sector, the implications of blockchain are clear: blockchain offers a secure, efficient way to automate and protect many aspects of the legal process which are currently completed manually and subject to risks.