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How Blockchain Could Affect Your Legal Career

Blockchain Impact Legal Career

Estimated reading time: 4 minutes, 19 seconds

Blockchain technology is a recent addition to the world of legal technology innovation that enables users to save money, save time, raise efficiency and is heralded as the future. The purpose of this article is to discuss blockchain and its role in legal technology.

1. What is the Blockchain?

Blockchain technology is a rather mystical word, in essence it is the technology which enables every user to have access to a record book where they list their transactions with other users.

A historical comparison would be the Norman Doomsday book which recorded everything about users activity but much more up to date with a constantly updated copy in all users hands.

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2. Transaction is more than money

I must be clear ‘transaction’ means ‘data’ and not just financial transaction, so anything that can be recorded digitally can be exchanged between users on the system with the right set up.

3. What are its benefits?

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4. Why would the legal industry need this?

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5. Is blockchain the solution?

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6. What about other industries?

It should be clear the legal industry is not the only industry that benefits from this service, so can many other industries, with the saving for them and efficiencies in the legal sector leading to more business for legal services.

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7. Any examples in the legal industry?

There are examples in the three primary areas of the legal industry:

Public Sector:

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Chambers:

Law Firms:

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Conclusion

Blockchain is moving at a fast pace, one which law firms and government is embracing whilst chambers are slow to embrace.

Lastly, blockchain is unlikely to reach full use for years, as the technology is still in the development stage. However, it is one watch and invest in as it will likely come to bear greater significance in the legal world one day.

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Author: Cameron Haden

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