There is little doubt that most law firms and legal departments are burdened by massive amounts of paperwork. Keeping accurate historical records of each case can be time consuming and challenging given the size of the firm and the level to which technology is utilized. Blockchain technology has the potential to help resolve these issues as it can be integrated into almost any modern software application. This means that firms of any size, large and small can become a blockchain-enabled firm.
Known for its ability to store information in a transparent and fixed ledger, blockchain offers law firms a higher level of precision. With the use of blockchain technology, law firms are expanding their services further into the digital domain. Last week, law.com in their legal tech news, posted an article stating, “blockchain is poised to be a key driver of what many refer to as the fourth industrial revolution,” and while blockchain has seen success over the last decade due to bitcoin, “distributed ledger technology is now poised to move into mainstream applications and launch new opportunities in multiple markets.”