Lawyers and law firms can find multiple use cases or applications of blockchain in legal sector. Few of such applications can include:
Online Payment Mechanisms
Users can avail services of payment platforms line BitPay for using Bitcoin or other tokenized forms of cryptocurrency as a part of the payment method within the Smart Contracts. Such cryptocurrency payments can ensure that an effortless online communication persists with the client.
Efficient Assets Transfer
Crypto economics allow an individual to lock their assets and subsequently use the Blockchain mechanism to seamlessly transfer assets without any threat of embezzlement.
Secure Transactions
The smart contracts developed under Blockchain automatically release funds into a shareholder’s wallet upon the completion of a previously determined set of criteria. In use, changes are recorded on the ledger, and transactions are secure, and are more affordable for the users.
Litigation Funding
In certain jurisdictions like the USA, litigation funding can be made extensively easier through Blockchain, wherein investors could sign a smart contract placing their agreed-upon investment in the law firm’s funding account, and as per the outcome of the case, a part of the settlement or reward could be circulated into their wallet.
Online Dispute Resolution
By providing an online forum for mediation or arbitration, a more affordable process can be created, thereby ensuring an alternate dispute resolution network to build on crypto-economics. In specific jurisdictions like the USA, such forums can also provide inexpensive qualified jurors and efficient dispute resolution without any unnecessary third party interference or the participation of unqualified jurors.