" While “Bitcoin” as a term with its commercial highs and lows has been thoroughly dissected by economists and investors, most, however, have failed to articulate the underlying technology behind it, i.e., Blockchain. "
Thus, how blockchain technology will revolutionise the legal services industry?
Law Enforcement is one of the industries that stand to gain the most from blockchain’s innovative technology. Throughout history, people have had to rely on their local governing bodies to arbitrate in case of dispute for, say, land or other assets and this model suffers from the inherent weaknesses of a centralized organization like bias and inaccuracy. It was estimated that businesses spend somewhere around $4 billion every year in order to verify property title deeds. This is where a data integrity project like Factom could help people by using their authentication solutions to secure physical documents on the Bitcoin Blockchain. For example, if the title deeds to land could be appended to the Bitcoin Blockchain using data integrity services provided by Factom, the owner is easy to determine until the end of time and the record is resistant to tampering.
The areas where legal service industry will be revolutionized include Smart Contracts and Intellectual Property Rights
Smart ContractsAlthough not part of Bitcoin, Smart Contracts are invariably linked to blockchain technology as they can revolutionize the way humans conduct business. Ethereum, the second largest cryptocurrency by market capitalization implemented smart contracts which are executed over the decentralized Ethereum infrastructure. With Ethereum it is possible to create contracts that self-execute when certain conditions are met.
Intellectual Property RightsWith the advent of the internet, as media has become increasingly available to the masses because of file-sharing services, it has also become harder to maintain ownership of content to ensure that content creators are compensated fairly for their work. There are several interesting projects in the cryptocurrency space that are coming up with unique ways to combat intellectual property theft.
SingularDTV is one the foremost intellectual property Blockchain solutions that are aiming to revolutionize content distribution in order to ensure more equitable outcomes for artists. In their unique model, artists can tokenize their upcoming projects to raise funds from investors who in turn get rewarded from sales of the final product. In the real world, this would work by artists creating a sort of initial coin offering for their newest project. Investors can buy shares in projects they find interesting and because of smart contracts, they can get paid in the future. For every dollar earned by the final product, a pro rata share goes to all of the investors. This model incentivizes users to be part of content creation and also to share the profits. Artists benefit as they retain the ownership of their work and also get paid more because no middlemen are involved.
For more information check these links
https://www.blockchain-council.org/blockchain/blockchain-technology-could-revolutionize-legal-services/https://news.law.fordham.edu/jcfl/2017/09/25/blockchain-and-the-legal-industry/
