Blockchain Use Case in Legal Industry - iFour Technolab Pvt. Ltd.


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Uploaded on Nov 11, 2019

Category Technology

Blockchain in Legal Industry improves approval waiting time and resources for patents & trademarks handling and creates a record of peer-to-peer transactions without the need for a trusted authority. 40% of legal departments utilize automated contract management tools and tamper-proof and legally unassailable agreements based on smart contract technology.

Category Technology

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Blockchain Use Case in Legal Industry - iFour Technolab Pvt. Ltd.

https://www.ifourtechnolab.com/legal-custom-software-development USE CASES IN: LEGAL INDUSTRY https://www.ifourtechnolab.com/legal-custom-software-development USE CASES IN: LEGAL INDUSTRY Blockchain in Legal Industry Improves approval waiting time and resources for patents and trademarks handling 40% of legal departments utilize automated contract management tools Creates a record of peer-to-peer transactions without the need for a trusted authority Tamper-proof and legally unassailable agreements based on smart contract technology https://www.ifourtechnolab.com/legal-custom-software-development USE CASES IN: LEGAL INDUSTRY Blockchain in Legal Industry BImlopcrkocvheasi na ptepcrohvnaoll owgayi tcinogu ltdim aels oa nredd ruecseo uthrcee cs ofsotr opfa nteontatsry a snedr vtricaedse,m FaOrIkAs rheaqnudelsintsg, and corporate filings 4C0u%t d ofw leng saigl ndiefipcarnttmlye onnts t uhteil inzuem abuetor mofa ltegda cl odnistprauctte sm calnoaggeinmg ecnotu trotso lasnd raising lawyer fees for innocent parties CImremaetedsia ate r eFcuonrdds o pf apyemere-ntots-p aenedr ttrraannssafecrtsio wnist hwoiutht otuhte tnheee nde feodr finotre ar mtreudsitaerdy afiuntahnocriiatyl institutions Tamper-proof and legally unassailable agreements based on smart contract technology https://www.ifourtechnolab.com/legal-custom-software-development USE CASES IN: LEGAL INDUSTRY Use Case 1: Legal Records Management & Retrieval Records created by blockchain could be shared among all the players in the system, from law enforcement officers to parole officers Benefits: The public would have greater access to information Permissions to view records can be set at various levels An auditable trail of amendments to the documents would be created Interested parties could receive updates instantaneously Record keeping would be greatly enhanced Initiatives: United Kingdom is poised to take the lead in taking a criminal justice system into the next generation https://www.ifourtechnolab.com/legal-custom-software-development USE CASES IN: LEGAL INDUSTRY Use Case 12: LDeigiatla Rl Ienctoerldlesc tMuanl aPgroepmeertnyt & Retrieval PRreoctoercdtisn cgr einatteeldle cbtyu bal opcrkocphearitny cino uthlde bdeig sihtaalr aegde a, minocnlugd ainllg t hime apglaeyse, rasu idni oth, evi dsyesot efimle,s ,f rdoemsi gns alanwd esynmfobrcoelsment officers to parole officers Benefits: Benefits: The blockchain is redefining automation, security and contractual aTghree peumbelinct swould have greater access to information Blockchain binding the legal documents of user like: Signing authority, Lawyers, and Parties Permissions to view records can be set at various levels Minimize fraud & mistaken identities by tracking data like: birth, death, marital status & cArnim aiundailt aabclteiv titryail of amendments to the documents would be Tchreea dteadta is less likely to be breached and landowners could easily manage and transfer rInigthetrsested parties could receive updates instantaneously IniRteiacotirvde kse:eping would be greatly enhanced NKOR - Promise to have a platform for registering intellectual property and ‘anchoring’ it to the blockchain Initiatives: https://www.ifourtechnolab.com/legal-custom-software-development USE CASES IN: LEGAL INDUSTRY UseU Csea sCea 2se: D3i:g Nitoatl aInryt eSlleercvtiucaels Proper PTrhoet ebcloticnkgc ihnatienl lecactnu sael rpvreo paesr aty c ianp tahbel ed,i gdietacel nagtrea,l iiznecdlu gduinagra inmtaogr eosf ,c ariutidciaol, pvridoepori efitlaersy, dperosoigf nasn d arenlda tseydm dbeotlasils Benefifits: TEhlime binloactikncgh tahine inse red efofirn tinhge ar ubtobmera sttioanm, ps eocfu troitdya ya’nsd n cootanrtyra pcutubalilc agreements BDlocukmcheanints bciannd ibneg pthres lergvaeld d doicguitmaellyn tass o pf aurste orf l iak ed:i gSiitganl ilnegd gaeurthority, Lawyers, and Parties MBlioncimkcihzea ifnr asuedrv &e mthies tnaekedn fiodre ndtoictiuems beny tt raauctkhienngt idcattaio lnike: birth, death, marital status & criminal activity TBhloec kdcahta iins cleaspsa lbikle loyf tmo abkei nbgre naocthaerdy saenrdv ilcaensd omwonre resa csoiluyl da cecaessilsyib mlea annadg ea ffaonrdd tarbalnesfer rights Initiatives: NBlKoOcRkn -o ptarorym -i sAep tpol yh bavloec kac phlaitnfo tremch fnoor lroeggyi sttoe rleingga li ndtoeclluemcteunatl sp, raonpde rotffy earnsd “ t‘aimncehsotarmingp’s iat ntod tfihneg belropcrkincthsa fionr media files https://www.ifourtechnolab.com/legal-custom-software-development USE CASES IN: LEGAL INDUSTRY Use Case 34: NCortaproyr aSter vFilcinegss BTlhoec kbclohcakinc hteacinh ncoalno gseyr mvea kaes ain coarppaobrlaet,i odne cpernotcreasliszesd egvueanr amnotorer ocfo sctr-iteiffcaelc ptirvoep arinedta erya spyr oto f and areclcaetsesd details BBeenneefifittss:: DEalimtai noant ian gb lothcek cnheaeind ifso rm thoree r aucbcbuerra steta, mcopn osifs ttoednat ya’ns dn otrtaanrysp paurbelnict EDnoccruympteendt sa ncda nli nbkee pdr etos ethrvee pdr devigioituasll ytr aasn spaacrtti oonf a digital ledger LBolowcekrc thhaein c osestr voef cthoerp noereatde f ofirli ndgocument authentication TBrlaoncskacchtaioinn sc acpaanb blee ocfo mmpalkeintegd n foatsatreyr saenrdv imceosr em eoffirec ieeanstillyy accessible and affordable Historical transaction data can help to verify the authenticity of assets and prevent fraud Initiatives: Initiatives: Blocknotary - Apply blockchain technology to legal documents, and offers “timestamps and fingerprints for media Dfileelsaware - Taking a broader approach to solving the issues that face many corporations using the blockchain https://www.ifourtechnolab.com/legal-custom-software-development USE CASES IN: LEGAL INDUSTRY UUssee C Caassee 5 4:: S Cmoarprto rCaotnet Frailicntg Rsegulation BPolotceknctihaalliyn btec chrneoaltoegdy a mnda keex einccuotrepdo rdairteiocntl yp rboectewsesesn ethve nr emleovraen ct opsat-retiffees,c twiviteh alensds e laswyy etor aincvcoelsvsement Benefifits: DInatetarm oned aia brlyo cskecrvhiaciens i so fm cornet racctu imraptele, mcoennstiastieonnt, ai ncdlu tdrai ngs pbarroeknetrs and agents, are no longer needed ESnmcaryrtp cteodn tarancdt sli nekneadb lteo tthe “pgroe-vgioreuesn t”r amnosavcetmioennt LEoliwmeinr athtee tchoes tn eoef dco fropro ar avtaes fit lcinhgain of middlemen TYroaunrs daectaioilnss a craen p beerm caonmepnltelyte sdt ofaresdte fro ar nfudt muroer ere ecffiorcdisently HAuisttoomricaatel dtr acnonsatrcatciotns udsaeta t hcea nh ihgehleps to l evveerli foyf t dhaet au etnhcernytpictitoyn of assets and prevent fraud Initiatives: Initiatives: In 2017, Arizona became the first state to recognize signatures issued on smart contracts as a legally Dbienldaiwnagr aeg -r eTaekminegn ta broader approach to solving the issues that face many corporations using the blockchain https://www.ifourtechnolab.com/legal-custom-software-development USE CASES IN: LEGAL INDUSTRY What we offer? Custom Blockchain mobile and software Blockchain Consulting Cryptocurrency (ICO) https://www.ifourtechnolab.com/legal-custom-software-development USE CASES IN: LEGAL INDUSTRY What we offer? CustDoAmp pB lDocekvcehloapinm menotbile and software BHlyopcekrclheadigne Cr oSnesrvuilctieng CSmryaprtto cCuornrternacyt D(ICevOe)lopment https://www.ifourtechnolab.com/legal-custom-software-development USE CASES IN: LEGAL INDUSTRY Contact Us [email protected] Follow Us : https://www.ifourtechnolab.com/legal-custom-software-development