The technology of Blockchain has a huge potential to revolutionise the provision of legal services, regulatory enforcement and compliance.
As we understand that it was Bitcoin that came in the news before blockchain, there has been a new understanding of public database which Bitcoin was built on, and that Blockchain could be used for a lot more than a simple currency considering it’s feature of granting the access of any kind of data to be shared on the ledger.
The widespread demand and use of the blockchain technology can have a great impact on how many of the lawyers work. In the future, where blockchain is the most widely used technology, transactional lawyers might draft contracts based on how the developers code software applications.
Blockchain has potential to expand boundaries of conventional legal services, it has so far helped formulate the smart contracts, where contracts can be executed on the basis of fulfillment of conditions logged on the shared database. Contracts saved on the blockchain become easily accessible by those that are entitled.
It’s beneficial legal implications can be in the form of cost reduction, enhanced automation in legal sphere, less litigation and higher certainty level.
Studying by the way technology has rapidly transformed how a range of business is done all the way from introduction of Netflix. Uber, social media, Twitter and the internet generally, to the rise of the Amazon and the fall of retail, there should be no reason to consider legal services to be an exception.
Just like any information field, this is based on the factual information being uploaded in an honest way. However, there would still be a few who would keep their transactions offline and in the real world, this might lead to confusion and often ambiguity. Therefore, the development and maintenance of such systems must be taken care of properly. The efficiency of technologies would always be challenged by those having both good and bad intentions so, while the transformation will be persistent, there would always be litigation and contention, rule breakers who need enforcers and regulations to control them. Technology and its implications are always progressing but, lawyers, bankers and regulators must keep pace accordingly.