Here are a few ways in which the blockchain will make a big impact on the legal world.
Legal contracts are still written along with physical signatures required on original documents and also requires significant time to accomplish. All of this for a binding legal agreement. The blockchain holds the capability to transform this into a digital process in what's called 'smart contracts'. These smart contracts could be created and executed directly between the relevant parties, with hugely reduced lawyer involvement.
The blockchain, with its basic security and digital ledger functionality, promises to be an effective, secured and immutable method to store the data essential for property rights, including land ownership and the details of when it changed hands.
Currently, notary public (or general notaries) is being used to confirm and verify signatures on legal documents, such as deeds and contracts. However, using blockchain technology, these documents can be preserved digitally as part of a digital ledger in the form of timestamps and fingerprints for media files, thereby eliminating the need for the rubber stamp of today’s notary public.
How Oodles Technologies Helps You?
Oodles Technologies strives to become one of the best global leaders in Blockchain Development in the digital landscape by offering the best Blockchain development services. Also, we are pioneers in building robust and secure decentralized Smart Contracts based on your business terms and conditions. We provide custom solutions for Smart Contract Development and let you conduct a fair deal with the other party involving minimal risks and complexities.