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Blockchain Uses for Your Legal Firm

Posted by Donna Recchione on Feb 9, 2018 9:00:00 AM

In ICS insights

The legal industry may be the future for services like blockchain. Get to know a little about blockchain uses for your law firm. There is a wealth of information waiting for people who are actively involved. Blockchain is defined as any ledger that records data in an online format. It is useful because it provides a timestamp for any data based transaction. That allows people to go back and check the accuracy of records that were generated. Accuracy in data records is always an important option for leaders.

What Blockchain Methods Are Available?

Both public and private blockchain records are now being provided. Blockchain is debated by data experts because of its accuracy and honesty in reporting facts. Legal teams could make good use out of that convenient record keeping approach. A helpful ledger is provided to explain the facts of data being jotted down as needed. Get familiar with blockchain methods and how they have been used before in technology. That can bring a legal team up to date on the work being done. Leaders will obtain a private key that allows only them to access the information inside.

Security Advantages of Block Chain

Many have described blockchain as being "hack proof" in its early stages. That is because the technology is used to record sensitive data from many sources. Blockchain is invaluable for people in the tech and finance industries. Added security features are always appreciated by owners of any business. Some doubt whether any technology is entirely "hack proof" following a certain definition. That could cast some doubt on whether the blockchain technology is the right choice to make. Think about the pros and cons related to using blockchain as it is defined. Processes can be streamlined and managed by only a single individual.

Improve Client Advisors

Law firms are used to helping clients do their part when it comes to technology. Client advisors will meet with people to discuss different legal problems. Think about the implication that these legal questions may have for a firm. Teams will need to be prepared for any number of events. That preparedness can retain clients for the firm and improve outcome measures in the courtroom. Blockchain is ready to help legal teams do exactly that over time. Trust that the legal team will know what to do when the firm makes changes. Everyone will need to be brought up to speed on blockchain too. Big changes are expected for the technology as it is implemented.

Intellectual Property Rights

Keeping track of intellectual property rights is an important legal consideration. There are vast records that need to be tabulated when it comes to intellectual property rights. Clients want that data to be safe and secure in all settings. Blockchain can do its part when it comes to protecting that information. Clients have been pleased with the professionalism and secrecy of these reports. Legal teams will have to understand how the technology applies to intellectual property rights. Be ready to discuss information with clients at select meetings too. It will prepare the firm and clients for a lengthy meeting at the courthouse.

Keeping Public Records

Government offices are often tasked with keeping public records accurate. Blockchain could be the right technology to meet that goal. Professionals will do research and keep data secure using that blockchain program. Several attempts have been made to test the program for that purpose. Initial tests have resulted in a fair amount of success too. Government record keeping is made much more efficient over time. That is a big goal and one that is taken seriously by those in charge. Public records are required by many local governments as well in several areas. That could be the next big change taking place in the public sector.

Deed Management And Land Registry

Deed management is an important area of legal expertise. Legal firms are sometimes tasked with maintaining records on deeds held by individuals. People want their deeds maintained as per certain agreements. Legal companies will hire professionals who understand that area of law too. They should get familiar with new technology that makes record keeping easier. Get accurate information and put a timestamp on anything that gets signed. Land registry is an important concept now being discussed too. Follow the changes that are taking place overall.

Hire for the Future

It's important that you look to the future when you staff. You don't want to come up short when you're facing a problem. Having that staff in place ahead of time will give you peace of mind and allow you to put a plan in place. Contact ICS for access to plenty of top qualified candidates.

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