Blockchain In Legal Industry

Financial and technology industries alike are combining in a grand way, giving rise to the birth of blockchain outside of its normal working area

Why Legal Sector Should be Investing in Blockchain Technology

When we think about the legal industry and its processes, the picture usually comes up in mind of an old-fashioned profession that’s so set in its ways that there’s no room for innovation. However, the industry is experiencing reforms with already a global Legal Blockchain Consortium working.

It’s established with an aim to promote the usage of blockchain in the legal sector. Consequently, various types of potential use cases for blockchain have emerged that can entirely overhaul the legal industry. Now, blockchain technology is being utilized by blockchain development companies like Oodles to develop tools and infrastructure that help record commercial transactions, draft contracts, and validate legal documentation.

Following are a few of many obstacles Legal Industry need to overcome


The Promise of Blockchain in the Legal Industry

Effective Management of Legal Services

The transparent, secure and immutable nature of blockchain could enable attorneys to safely record and authenticate various types of legal matters. The spectrum includes any ledger-based process or activity such as property records, court records, funds transfer, UCC filing, chains of custody and contracts.

Smart Contract Solutions

Blockchain-based Smart Contracts can lower the cost and friction of securing, creating and generating binding legal agreements. They also eliminate the need for middlemen work. And carry the potential to exclude lawyers from the process altogether. Indeed, this is one of the reforming technologies that can be used to enhance Legal Industry processes and operations.

Corporate Filings

A ‘smart record’ system can automate compliance with the destruction and retention of old documents. And ‘smart UCC filings’ can enable the automatic release or renewal of UCC filings, improve the speed of UCC record searches and reduce operational costs, errors and frauds.

Property Deeds And Land Registry

Blockchain ledger-based applications can keep reliable records of titles, ownership changes and deeds as they emerge. Banks, insurance, title companies and property owners will be enabled to access and clean records of title records and ownership thus, increasing transparency and reducing future title search time.

Intellectual Property Rights

Blockchain development services can provide with blockchain solutions that can ensure indisputable records for intellectual property rights. It’s because Blockchain is irreversible, secure, and time-stamped, which offer a reliable way to track first use.

Document Notarization

Companies have started offering notary services online using blockchain technology. They accept an uploaded document, hash it, and provide a digital fingerprint of the document. The digital fingerprint verifies the document’s date and time of creation and ownership record. Using any third party, you can verify these immutable facts about the document.

What We Cover In Blockchain For Legal Industry

Transactions on an Ethereum blockchain based system are recorded on the blockchain, making them transparent and immutable. Not only can the donor rest assured about secure transferring of their donations to the recipient, but also the donations produce a ripple effect of positive impacts that generate much more value than conventional donation mediums.

Blockchain Development Services

When it comes to Blockchain development services, we have a firm and growing authority in this arena. We showcase an influential position in this domain by having the best team on board to develop simple to advanced Blockchain architecture and solutions for Legal Sector.

App Support & Maintenance

Apart from developing mobile apps, the team of blockchain developers assists its clients with its outstanding app maintenance and support services at all levels and help enhance the stability of the application.
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