• About
  • Privacy & Policy
  • Contact
Wednesday, May 25, 2022
  • Login
MYTECHMAG-A Leading Technology Magazine
DWS Top Banner
Payments Summit Europe Top Banner
LNG Top Banner
Exhivits The Virtual Exhibition Top Banner
Energy Storage Top Banner
Renewable Energy Power Purchase Agreements Top Banner
Global Net Zero Action 2022
CCUS Top Banner
Data Driven Oil & Gas 2022 Top Banner
OGAD Top Banner
Cyber Defense Top Banner
Digital Transformation Conference Top Banner
Qube Events NPF Top Banner
Project Finance & Project Financial Modelling Top Banner
  • Home
  • Technology
    • Supply Chain
    • Enterprise Security
    • Cloud Technology
    • RegTech
    • HPC
    • Collaboration
    • IOT
    • Compliance
    • Artificial Intelligence
    • Field Service
    • CRM
    • Project Management
    • Fintech
    • Risk Management
    • Cyber Security
    • Enterprise Architecture
    • EAM
    • ECM
    • Block Chain
    • Data Analytics
    • Robotics
    • Disaster Recovery
    • Marketing
  • Industry
    • Retail
    • Healthcare
    • Construction
    • Pharma
    • Education
    • Textile
    • Aerospace and Defense
    • Banking
    • Smart City
    • Oil and Gas
    • Telecom
    • Travel & Hospitality
    • Agri Tech
    • Media & Entertainment
    • Logistics
    • Manufacturing
    • Legal
    • Government
    • Real Estate
    • Automotive
    • Food and Beverage
    • Biotech
    • HR
    • Insurance
    • Energy and Utilities
    • Contact Center
    • Capital Market
    • Chemical
    • Sports
  • Vendors
    • Aerospace and Defense
    • Agri Tech
    • Artificial Intelligence
    • Automotive
    • Banking
    • Capital Market
    • Cloud Technology
    • Collaboration
    • Construction
    • Contact Center
    • CRM
    • Cyber Security
    • Data Analytics
    • Disaster Recovery
    • EAM
    • ECM
    • Energy and Utilities
    • Enterprise Architecture
    • Enterprise Security
    • Fintech
    • Government
    • Healthcare
    • Insurance
    • IOT
    • Legal
    • Logistics
    • Manufacturing
    • Marketing
    • Oil and Gas
    • Pharma
    • Retail
    • Risk Management
    • Smart City
    • Supply Chain
    • Top CEOs
  • Magazines EditionsMost Clicked
  • News
  • Featured Articles
  • Top CEOs
  • Events
No Result
View All Result
  • Home
  • Technology
    • Supply Chain
    • Enterprise Security
    • Cloud Technology
    • RegTech
    • HPC
    • Collaboration
    • IOT
    • Compliance
    • Artificial Intelligence
    • Field Service
    • CRM
    • Project Management
    • Fintech
    • Risk Management
    • Cyber Security
    • Enterprise Architecture
    • EAM
    • ECM
    • Block Chain
    • Data Analytics
    • Robotics
    • Disaster Recovery
    • Marketing
  • Industry
    • Retail
    • Healthcare
    • Construction
    • Pharma
    • Education
    • Textile
    • Aerospace and Defense
    • Banking
    • Smart City
    • Oil and Gas
    • Telecom
    • Travel & Hospitality
    • Agri Tech
    • Media & Entertainment
    • Logistics
    • Manufacturing
    • Legal
    • Government
    • Real Estate
    • Automotive
    • Food and Beverage
    • Biotech
    • HR
    • Insurance
    • Energy and Utilities
    • Contact Center
    • Capital Market
    • Chemical
    • Sports
  • Vendors
    • Aerospace and Defense
    • Agri Tech
    • Artificial Intelligence
    • Automotive
    • Banking
    • Capital Market
    • Cloud Technology
    • Collaboration
    • Construction
    • Contact Center
    • CRM
    • Cyber Security
    • Data Analytics
    • Disaster Recovery
    • EAM
    • ECM
    • Energy and Utilities
    • Enterprise Architecture
    • Enterprise Security
    • Fintech
    • Government
    • Healthcare
    • Insurance
    • IOT
    • Legal
    • Logistics
    • Manufacturing
    • Marketing
    • Oil and Gas
    • Pharma
    • Retail
    • Risk Management
    • Smart City
    • Supply Chain
    • Top CEOs
  • Magazines EditionsMost Clicked
  • News
  • Featured Articles
  • Top CEOs
  • Events
MYTECHMAG-A Leading Technology Magazine
No Result
View All Result
MYTECHMAG-A Leading Technology Magazine
No Result
View All Result
Home Legal

Blockchain Utilization in Legal Sector

John Duff by John Duff
November 6, 2018
in Legal
Blockchain utilization in Legal Sector
19
SHARES
74
VIEWS

Blockchain technology has undergone quite a bit of consideration over the last year, with the potential to be a transformative force across increased diverse industries. At the center of this is the blockchain itself which contributes a procedure to create and manage a permanent – but also open – disseminated and shared ledger to be able to collect information.

When we study of high-tech industries, the legal sector merely is one that comes to the subconscious. After all, attorneys are often working towards clearing the general mountain of paperwork, and the classic film about the legal business is ‘The Paper Chase,’ which ends with papers being blown all over the campus quad. Blockchain could help decrease the time lawyers use on routine tasks, and that releases them up to use more time on legal insights.

However, the blockchain can confuse the practice of law, and drag it into the new century – there is already a Global Legal Blockchain Consortium which strives to standardize and promote its adoption. Here are a few methods in which blockchain will make a significant influence in the legal arena.

  1. Smart Contracts

Legal contracts are still drafted, with physical signs required on primary documents, which needs an enormous time to finish, all for a necessary legal agreement. The blockchain holds the hope to change this into a digital manner in what is being christened as ‘smart contracts.’ These smart contracts could be created and performed directly between the relevant parties, with less lawyer embroilment.

  1. Intellectual Property

The law has grappled when it comes to defending intellectual property in this digital age, including pictures, video and audio files, alongside figures and symbols. Artists and musicians attempt to protect their business, but too often their work gets used without their approval, and royalties do not get returned from audio streaming services that grapple with profitability.

  1. Blockchain law

The law continuously modifies to change according to societal demands. A decade ago, the legal arena had to approach digital media rights issues, and some attorneys started concentrating on this section of the law. However, with blockchain technology having the future to can be used beyond many sectors, the law will require to adopt again, and there is already a need to have lawyers concentrating in blockchain law – the new cutting-edge for the digital law.

  1. Property rights

Property rights encompass how an estate is acquired, sold and hired. Go down to any local government property department, and it is clear to see how this arena is attached in the last century, with piles of paper deeds, records and property cards all tracking property acquisition. And even when an office makes the change to go digital, it is still mostly just mountain of all the paperwork, with a database to keep it oriented. The blockchain, with its integrated security and digital ledger capacity, promises to be an adequate, secure and permanent method to store the data necessary for property rights, including land ownership and the details of when it changes hands.

  1. Chain of Custody

The chain of custody is a significant legal idea which documents what befalls to testimony in any criminal case. It is habitually a paper trail that gets generated for each piece of evidence and must be adequately maintained until this evidence gets presented in court. The blockchain is generally suited for application in the chain of custody, especially for the more important digital files. Hither, blockchain technology can be utilized to not only track the care of documents but also to safeguard the documents too. All this can be done through a digital ledger, there is a persistent account of the chain of custody, with the proof digitally preserved, so no evidence ever gets misplaced. This also reduces the need for the assertion about the preservation of the chain of custody, which is another advantage.

Share1Tweet5Share8
Previous Post

Robotic Workforce will Change the World

Next Post

Predictive Analytics in Legal Arena

John Duff

John Duff

Related Posts

Construction Accident Lawyers
Legal

Top 10 Construction Accident Lawyers in 2022

May 5, 2022
Slip and Fall Lawyers
Legal

10 Best Slip and Fall Lawyers in 2022

May 4, 2022
How Legal Technologies Increase Efficiency
Legal

Increasing Legal Firms Efficiency Using Advanced Legal Tech Tools

April 5, 2022
Next Post
Predictive Analytics in Legal Arena

Predictive Analytics in Legal Arena

Project Finance & Project Financial Modelling Side Banner
CCUS Side Banner
Qube Events NPF Side Banner
Payments Summit Europe Side Banner
Digital Transformation Conference Side Banner
LNG Side Banner
Energy Storage Side Banner
Cyber Defense Side Banner
Exhivits The Virtual Exhibition Side Banner
Renewable Energy Power Purchase Agreements Side Banner
Global Net Zero Action 2022
OGAD Side Banner
DWS Side Banner
Data Driven Oil & Gas 2022 Side Banner
Tweets by MyTechMag
Qube Events NPF Side Banner
MYTECHMAG

Transforming news into insights, not only do we serve as a source of information but as the breeding ground for innovative ideas and exchange of breathtaking strategizes that can make a difference in your technological understanding.

Follow Us

  • Home
  • About Us
  • Disclaimer
  • Privacy Policy
  • Terms of Use
  • Sitemap
  • News
  • Subscribe
  • Contact Us
  • RSS
  • Write For Us

Recent Posts

Stephen Kosslyn

Stephen Kosslyn Net Worth, Biography, Age, Career, Salary & More 

May 24, 2022
Vladimir Tenev

Vladimir Tenev Net Worth, Biography, Age, Career, Salary & More

May 24, 2022
  • About
  • Privacy & Policy
  • Contact

© Copyright © 2022 MYTECHMAG. All Right Reserved.

No Result
View All Result
  • Home
  • Technology
  • Industry
  • Vendors
  • Magazines Editions
  • News
  • Featured Articles
  • Top CEOs
  • Events

© Copyright © 2022 MYTECHMAG. All Right Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In