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