Blockchain and the World Of Law
Solutions for the Future
The blockchain is more than just a place for investing in cryptocurrency. There is high regard for distributed ledger technology thanks to its effectiveness in recording transactions between two parties over a permanent ledger in a verifiable way. Blockchains are also decentralized. This means that no single entity has exclusive control over data or its process. It’s adaptable, with multiple contractual applications for tracking and transferring property rights, both intellectual and tangible. Built-in, automated controls greatly reduce fraud and criminal activity. Consequently, this technology establishes a level of integrity that could revolutionize the way we implement and interact with the law.
Most anyone familiar with blockchain technology has also heard of . But, what are they and what are possible applications? As all users record transactions on the blockchain, the same could apply in a public contract. Any changes require confirmation by a vast number of blockchain users in order for validation to become legitimate. A smart contract is essentially a contract in code. Obligations under an agreement can be triggered and performed automatically. The smart contract’s ability to self-execute eliminates most problems inherent in standard agreements in writing. As such, a smart contract curtails the necessity to employ lawyers to interpret or enforce certain or all provisions. In line with this, manipulation of data is also futile, with the rest of the network thwarting any such effort.
A Potentially Huge Asset
In today’s legal world, distributed ledger technology holds major potential of utilization for copyrights, trademarks, and patents. There are two types of property; creative (or intellectual) and tangible. both require one party to transfer the rights to another. Ownership of intellectual property rights is notoriously difficult to track and generally must be proven by a written contract. The same applies to tangible property, with the processes of storing and recording the transfer and sale of historical deeds to land. Other applications include motor vehicle registrations, and business licenses. Currently, local, state, and federal bureaucracies are becoming more inefficient, even haphazard, with every attempt to centralize data. The file and proof process of blockchain’s secure, public, and distributed ledger technology is a solution. It ensures that keeping track of what rights are owned by whom and where are always open, immediately accessible, and verifiable.
In March of 2018, legal hackers from around the world brainstormed and exchanged new ideas with partners in blockchain technology at the Brooklyn Navy Yard in New York City at the . This event was one of many conferences popping up around the world. Coders, designers, lawyers, policymakers, researchers, students, and academia organize live forums to discuss legal policy related to blockchain technology. According to their findings, blockchain has the potential to solve challenges that many governments face in maintaining and securing public records data.
Applications of Distributed Ledger Technology
With true, unbiased data recording capabilities free of manipulation, applications of technology include , tracking census data and collecting taxes. In theory, there is potential for application with almost all interactions with government during a lifetime. Simultaneously, blockchain holds the remedy for common bureaucratic issues like human error, redundancies, lost files, and lack of communication. Consequently, processing the issuance of birth certificates, driver’s licenses, marriage licenses and certificates, death certificates, land ownership, and criminal records would take place on an entirely new level.
In the final analysis, it’s this genius in combination with boundless potential that holds the power for the blockchain to completely transform society.