No industry is left unaffected by the Blockchain technology and legal service providing industry is no exception. Legal experts have expressed their concern that they might lose their jobs if Blockchain is implemented in their sector. But is this true? If we consider the things which this technology is capable of doing, then YES! The jobs of professionals in the legal industry have been enjoying monopoly for so long are at risk of being jobless!
What Makes Us Conclude This?
If we dig a little deeper, we’ll find that most of the cases can be solved by applying common sense rather than complicated law terms. And, the best part is lawyers agree to that! We can’t ignore that maintaining long paper trails and waiting hours will be significantly reduced if we use the blockchain technology in the field of legal services. It may be a boon to the legal experts, but if we look from the other side, then the legal services are getting revolutionized. You ask how? Read the points below:
Introduction of Smart Contracts
There’s a difference in smart contracts and the traditional ones. These help you exchange anything of value in a transparent, conflict-free way while avoiding the services of middlemen. To understand this better, imagine a vending machine. You don’t need a middleman to help you with the transaction. In the similar manner, with the improvisation of this technology, you would just be required to drop a cryptocurrency and rest will be sorted! Smart contracts are not only capable of dealing with penalties and rules keeping an agreement in mind, they can also enforce the obligations automatically.
Read Also: Smart Contracts: Blockchain’s Secret Ace!
We are not yet sure that how will they work for the complicated cases, but we are hopeful that small cases will no longer require lawyers soon!
As every information will be available with a simple click, no one will look out for advisors. Also known as title search, every information and transaction will be recorded. So, no paperwork will be required which implies that if there is any conflict, one just needs to go through the transactions and information, and there will be no such case in which the language or any silly issue can be debated for hours. This will reduce the unnecessary workload on the court and they can focus more on coming up with the laws for the betterment of common folks.
Most of the cases filed have missing documents which further adds on to the trouble. If such is the scenario, no decision can be taken and the date of proceedings and final judgement keeps getting delayed. But there will be clear records of every transaction on Blockchain, and nobody could manipulate them. With this, making judgement will not take much time.
Many more areas such as Intellectual property rights, Land registry and deed management, etc., could be managed easily and thus this may become a threat for those who earn because the common folks do not have enough knowledge and proof to support them.
We’re not saying that the lawyers and legal advisors need to quit their job immediately and look out for the alternatives, but sooner or later they will have to do that. With access to all the information, phrase by phrase, no one will need professionals. If they’ll be able to find and present the data all by themselves, then there will be no requirement of middlemen.
Though we are not sure when the entire system will implement the Blockchain technology and make our life easier, we can always be prepared for the worst instead of regretting later, try and cope with the technological developments.
What are your thoughts on this? Do let us know in the comments section below!