Spearheading Block chain Based Solutions

Blockchain technology allows for the creation of traceable and immutable records and can transform many common legal processes (e.g., commercial and property records, legally required notifications, etc.). As such, although mostly associated with money and finance, blockchain-based solutions can be used more broadly and potentially disrupt many aspects of the legal services sector through more efficient and lower-cost options.

IBM describes blockchain as: “A shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. An asset can be tangible (a house, car, cash, land) or intangible (intellectual property, patents, copyrights, branding). Virtually anything of value can be tracked and traded on a blockchain network, reducing risk and cutting costs for all involved.” [1] In a simplified way, Blockchain technology works as a distributed ledger that allows for more transparent and verifiable record-keeping. Cryptocurrencies depend on blockchain and are frequently used to show how blockchain works; however, these are far from being its only application.

 
Distributed ledger technologies such as blockchain could fundamentally change the legal sector, making it more efficient, resilient, and reliable. As blockchain technologies continue to evolve in the legal industry and given their stable and secure nature, new uses will be discovered to help legal professionals solve a variety of legal issues, including smart contracts, land registries, intellectual property rights, chain of custody, litigation, settlements, and financial transactions, just to name a few.

Intellectual property (IP) stands out among the areas and legal professions where blockchain technology can be a paradigm shift. For example, the creation of decentralized, tamper-proof digital ledgers can be used to store and track IP rights, such as patents, trademarks, and copyrights. This can make it easier to verify the ownership of IP and ensure that all parties involved in a transaction have the necessary rights and permissions. Additionally, blockchain can facilitate the licensing and distribution of IP by allowing for the creation of smart contracts that automatically enforce the terms of a license agreement. Blockchain can also be used to create digital marketplaces for buying and selling IP rights, providing a secure and transparent platform for transactions.