Blockchain technology has already disrupted the core sectors of business, be it finance, medical, or insurance, and now it is all set to transform the legal industry as well. Business clients have already begun to participate in blockchain comprehensively. If the analysis is to be believed, then the blockchain technology will serve society as innovatively as the internet. It will significantly impact the legal sector both ways; how legal practices are run and how legal firms serve their clients.
Smart contracts and intellectual property rights are among the main areas where blockchain technology is currently working upon innovatively.
Although legal firms are still in practice to write legal contracts where the original documents require physical signatures of the parties, this is becoming outdated due to geographical constraints. As a result, most legal firms are seeking ways to update to making Smart Contracts that involve blockchain technology. Smart Contracts can be created and executed directly between the parties involved with less involvement of the lawyers.
It often happens when musicians and artists file suits against people to violate their intellectual property rights and use their creations on various platforms without their permission. Sometimes they also move the courts for not receiving a royalty for their works. Registering their intellectual properties on the blockchain platform and anchoring through the decentralized network will protect the artists’ intellectual properties.
The same thing applies to property rights as well. Instead of dealing with heaps of files and ledgers, property cards, and paper deeds, all of which seek to track property ownership, it is much easier to track records entered in a distributed ledger provided by the blockchain technology. The blockchain technology, with its inherent distributed digital ledger and security features, provides a practical and immutable data storage method that is essential for establishing ownership of properties even when it changes hands. Even the borrowing and lending platforms are being transformed with blockchain technology. Celsius is such a blockchain-enabled lending platform that seeks to improve the financial services offered on the platform. It is also accessible through a mobile app to make the financial experience more convenient for users.