9 Ways The Blockchain Will Change The Legal Profession
High-tech forensic law and smart contracts are set to turn the legal world upside-down.
The legal profession is built on tradition, history, and tomes of case law that fill libraries around the world.
The profession itself has evolved, and today, contract specialists argue over details and disputes that could all become a thing of the past as the world embraces the blockchain. It’s the firm foundation the legal profession needs to bring the law kicking and screaming into the modern age and give every modern lawyer the keys to the legal kingdom.
In fact, it’s already here. OpenLaw already offers a library of smart contract-enabled, templated legal agreements that lawyers can then execute through the blockchain. Integra Ledger provides a permissioned blockchain, which is already having an impact on contract law.
The Global Legal Blockchain Consortium is already looking to adopt standard systems around the world that could link the world’s legal minds. The legal industry is one of the driving forces in the Wall Street Blockchain Alliance and more than 25% of the world’s biggest law firms are members of the Enterprise Ethereum Alliance.
These non-profits promote blockchain technology and behind the scenes the legal profession is speeding into the modern age. So, it’s time for the legal profession to get on board or get left behind. Those working groups would be an excellent place to start.
Here are 9 ways that blockchain can change the legal profession forever.
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