How can blockchain technology develop the justice system?
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Answer How can blockchain technology develop the justice system?
One of the primary functions of the blockchain is to get rid of the need for intermediaries. This is in addition to the fact that with the development of smart contracts (digital contracts) this has created many opportunities around the development of the justice system and that there will be no need for lawyers in interpersonal transactions. It is almost certain that in some cases, mass prohibitions and the law will be accompanied by a reduced role of lawyers as mediators. However, there are also plenty of examples that lawyers can take advantage of in the presence of a blockchain.
Let’s look at different examples of how blockchain applications can be used for the legal profession.Read:Cryptocurrency Market Plunges Below $1 Trillion, Bitcoin Tests New Annual Low
Use cases for blockchain and the law
Blockchain technology allows us to digitally tag files and documents. With this digital tag, we can track movements both physically and online. This feature offers huge potential in the field of blockchain and law.
One case can be reviewed for proof of service. That is, when a party to a lawsuit is called to attend court, he or she receives written instructions from the court to attend. Proof of service is a certificate that proves to the courts that a person has been summoned. Companies that deal with paper service are known as operational servers.
Recently, ServerManager, a server operator, partnered with a blockchain tech company called IntegraLedger where they tested the idea by using blockchain technology to record service document submission attempts, and eventually create verifiable proof of paper submissions. the service.
IntegraLedger also has intelligent document functions. In the case of a contract document, this smart document allows the parties to the contract to merge contract transactions into the same document. Then the blockchain stores all those transactions securely.Read:Brazil arrests gang laundering money with Bitcoin and cryptocurrency
for example; The lease agreement for each lease payment can be digitally linked to the same contract. The document interacts with the various programs of the organization. So if a new company receives the lease, they can upload the smart document to their system, and the transaction history will come with it.
The video below shows how it works in more detail.
Trace chain or possession
Do you remember the epic scene in “Breaking Bad” When Walter White and Jesse use an electromagnet from outside the police room to check their laptop for video evidence of their development in a meth factory? This is the kind of security that keeps legal evidence safe from tampering.
Perhaps the blockchain will not be able to protect against this level of creativity. But there are real cases in court that have fallen due to falsification or loss of evidence. While the blockchain can track and permanently store digital document movements, prevent deletions and provide a reliable path away from any kind of tampering. Digital parameters on physical assets can also enable GPS tracking if someone has moved or stolen evidence. These transactions stored on the blockchain provide indisputable evidence in court.Read:Selling an Ethereum-based digital artwork for $168,000…details here
Intellectual property law covers areas such as: patents, trademarks, and copyrights. The registration of intellectual property creates a permanent and permanent record of ownership and privileges that can resolve any dispute.
Several projects are already using blockchain technology for copyright protection, including “KodakOne” that covers photography work and “Microsoft/EY” that covers games. However, the combination of blockchain and law in the corporate world of intellectual property brings significant efficiency benefits beyond just proof of ownership.
In corporate acquisitions, there are long-term due diligence requirements on intellectual property rights. With a blockchain-based registry showing registration and licensing of all intellectual property rights, the necessary protection exercises become much smoother and faster than they are today.
Blockchain can also help you develop a judicial system from managing licensing rights. The party wishing to acquire the intellectual property rights can purchase them using digital tokens while leaving a changeable record of transactions that will help resolve any subsequent disputes.
A notary public is an official government role under the umbrella of the judiciary, and so far, no government has agreed to accept blockchain technology as an alternative to that job. However, in principle, blockchain technology can perform the same role as a “notary”. Biometric data will ensure more robust authentication of attendees than using the private key alone, as private keys can be stolen. “BlockNotary” and “Stampd” are two examples of projects that use blockchain to authenticate and prove transactions and data.
Smart contracts are often the basis of discussions about the relationship that can link the blockchain and the judiciary. By themselves, smart contracts currently cannot replace a standard contract for various reasons. But more importantly, the “smart contract” is the implementation of the agreement, not the agreement itself. That is why even if the (smart contract) stipulates the agreed terms, the agreement on the contract itself still requires the participation of a lawyer. Ricardian contracts can create a bridge to fill this gap but we are a bit far from removing lawyers from the contracting process.
New areas of law
Legislation around the use of cryptocurrencies and initial offerings of digital currencies has created a new area of law. The rapid rise in popularity of Bitcoin and other cryptocurrencies in general has attracted the interest of governments and regulators. Now, they are starting to release traditional guidelines and in some cases classic legislation. Given that this is an uncharted territory that we have not been to before, then lawyers can be said to play a critical role in simplifying emerging regulations, particularly for regional oversight offices.
Conclusion and conclusion
The emerging correlation between the blockchain and the law, and attempts to blend them together will create many exciting possibilities. We’ve only reviewed some of them here, and with that it can be said that the legal profession, though elaborate and slow to change, also knows what’s to come. Some members are already forming into unions, which will help keep pace with the changes. Although it is unlikely that blockchain technology and its applications will ever replace lawyers, the technology will certainly have an impact on the field. Just as all other sectors have been affected, the legal profession must be prepared for that.
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