The legal profession has been reluctant to modernize. Blockchain helps provide the legal industry with improved accessibility, accountability, cost savings, speed, reliability, and data integrity.
If I talk about my country India then India’s judiciary is seen as something that runs very low, as it takes years to pass judgment. While the justice system is generally blamed on lawyers and even judges,Often it can be blamed for withholding verdicts. India’s judiciary is seen as something that is going on very well but very very slow decision making.Slow when it takes years to render a decision. While the justice system is generally criticized, prosecutors and even judges can also be responsible for delaying verdicts. Also, the same bad worst is the case in many countries in Asia. If we talk about developed countries; they may be fast but the amount of cases is too high.
Property theft is one of India’s biggest issues. One of the main sources for spending black money is real estate transactions. Keeping the property in someone else’s name is the most common way of doing it.
There is a need of a faster system .
How Blockchain will revolutionize this sector?
The explanation of why so much admiration has been won by the blockchain is that:
- It does not belong to a single body and is thus decentralized.
- Within, the data is stored cryptographically.
- The blockchain is permanent, so no one can alter the information within the blockchain.
- The blockchain is transparent to monitor the details if they want to
Lawyers will use blockchain technologies to streamline, automate, and digitally sign legal documents. legal agreements can remain untouched. Using scripted texts, smart contracts and the electronic administration of contracts decreases the time needed to plan, personalize, and preserve traditional legal documents. The customer earns these discounts. Blockchain also democratizes access to the courts by reducing the complexity of customers and cutting high legal fees.
Distributed ledger infrastructure provides both sides to a transaction with a common ledger. There is no suspense, no space for misinterpretation, and Blockchains related contracts have baked-in enforcement. In comparison, the contracts they enter into and what the intelligent contract represents are best understood by non-technologists.
Many administrative activities may be done electronically, reducing the time assigned to writing and amending the legal documents considerably. In general, this premium is passed on to consumers, who charge astronomical prices for lawyers every hour. Rising and lowering the cost of transactions between parties would result in intelligent contracts. An economical algorithm can handle escrow accounts for a fraction of human labor expenses automatically and transparently. The overall demand and accessibility to legal services would raise lower prices.
Tokenization is a process that transforms the rights of an asset into a digital token. Interested parties can issue tokens on a platform that supports smart contracts that will allow the purchase and selling of such tokens on exchanges. This, together with IP rights and microtransactions, opens up a world in which creators can tokenize and legally sell fractions of their properties. A DAO is a decentralized self-governing body whose electronic decisions are taken by code or by voting by the supporter members. DAOs create scalable, borderless online collaboration and have been used to organize grants and to finance public goods. It is important to provide proper legal packaging for DAOs.
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Combining Law and Regulations with Blockchain Technology was originally published in Data Driven Investor on Medium, where people are continuing the conversation by highlighting and responding to this story.