Blockchain is a technology that is entering every industry and sector around the world with impetus. Can Blockchain improve the current legal system? Every day there are more and more areas where this technology is applied and changes the way they work. One of the main advantages of Blockchain is its transparency. In short, all transactions are recorded and stored on the network and are accessible to every user.
The legal system and the entire infrastructure connected with it is currently undergoing a transformation that we can observe for example in our home backyard. With the advent of Blockchain technology, many industrial sectors have begun to undergo a thorough overhaul of how they have worked so far.
Examples of potential and existing 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 their clients and the way they do business will be completely changed. Since most companies successfully use Blockchain and achieve great results with it, the legal sector also wants to take advantage of 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 how Blockchain technology can be used to improve the current legal system.
Smart contracts
Every legal document is “sacred”, has great power and it is practically impossible to undermine it. Currently, legal documents drawn up in paper form with physical signatures have such legal force. The key issue here is the authenticity of the documents, no matter whether they are digital or paper.
Drawing up legal documents takes a lot of time (running for signatures from one office to another, etc.). This process is also very expensive. In most cases, the documents are issued by government officials, which we finance from our taxes.
Blockchain technology has the right tools to improve this area of the legal system through digitisation.
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Smart contracts, as we are now talking about them, are a combination of a digital contract and ordinary legal terminology. These contracts have a built-in set of commands, based on computer code, which can be executed and run using Blockchain technology.
The main difference between these contracts and traditional contracts is that they are automatically executed upon the occurrence of any event and require minimal intervention from officials.
Publishing and searching for legal titles
The transfer of assets between the parties, particularly in the real estate sector, shall take place under the name of the transfer of title. This process is time-consuming and cumbersome. Blockchain is ready to transform this process. Blockchain companies allow the addition of land registers to the system, which allows access to the registers in a more efficient and transparent manner.
In a recent report, Goldman Sachs emphasized that between $2 and $4 billion per year could be saved if the property title search process could be transferred to a distributed accounting system (DLT).
Digitization of court cases
When preparing for cases, lawyers need to look at many case files and look for the relevant paragraphs. However, as technology advances, the process is digitized. Today, lawyers, in many cases, use a digital library that eliminates the need to search through countless judgments.
Blockchain technology companies enable the conversion of millions of judgments using different legal terms. The Law Library of Congressjes is the best example of this.
The end of notaries is coming!
Currently, a notary confirms and verifies signatures of legal documents such as contracts, legal acts and consents. Blockchain can now be used to store these documents in digital form.
A prime example is a company called Blocknotary, which uses this technology to certify legal documents. This eliminates the need to affix a stamp and sign by hand. Once a document is sealed and signed, it cannot be changed.
Once introduced, changes cannot be undone due to the way Blockchain works. Law firms simply have to activate the smart contract in order to detect possible errors.
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The legal system is largely based on different types of voting. Come on, new technology is already being introduced in this area, sometimes there are cases where it stops working. Expenditure on voting can be reduced by at least half.
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Solutions based on Blockchain technology come with help.
The best example is the Polish iVoting project. An Internet voting system created by a startup, recently received a grant from the National Centre for Research and Development (NCBiR) in the amount of 6.2 million. The whole project based on blockchain technology is valued at 8.2 million.
Blockchain can change the legal system
Blockchain’s potential for improving the current legal system is enormous. The implementation of the technology is still in its infancy and will take a long time to become a widely accepted standard.
Aware of technological advances, customers increasingly insist on introducing new technologies such as Blockchain into the legal system. The benefits of this technology are clear and obvious.
Will Blockchain be accepted by Polish institutions? The beginnings may be difficult, but if we insist on introducing changes ourselves, we may succeed!
