Blockchain technology is developing into the ultimate element that can change the whole industry. Perhaps its most famous feature is its ability to store huge amounts of information that human beings can't manage. Blockchain also provides independent authentication for data without the need for a central controller. This quality provides a higher level of accuracy for enterprises and improves their ability to check their overall operation. By storing and independently verifying a large number of activity and transaction records, enterprises will be able to maintain a more accurate chain of custody and eventually manage more and more assets.
How will the blockchain change the legal profession?
In the past, practicing lawyers were almost entirely for communicating and forming a cohesive and logical point of view. For some lawyers, this situation will continue. But for other lawyers, improving their technical literacy quickly will be the key to remain competitive in this field. Obviously, the ability to access a large amount of data through blockchain will improve the ability of law firms to find conclusive evidence or contradictions in cases.
Blockchain can also open up space for "smart contracts". With smart contracts, assets will be automatically transferred once certain conditions are met. A system like this can solve disputes very directly and effectively, saving a lot of work for lawyers and their clients. This may also mean the end of escrow accounts, where law firms hold funds and distribute them after certain conditions are met.
Aaron Wright, a clinical associate professor at Caldassault Law School and director of the Caldassault Blockchain Project, said: "The Internet forces lawyers to better understand copyright law." Alan Wright said: "Similarly, the blockchain will need to better understand the securities law and understand the underlying technology of smart contracts."
Contracts and transactions may be the logical first step in adopting blockchain technology. Blockchain can greatly improve the effectiveness of the criminal justice system; If companies and websites agree to let law firms access records automatically collected through blockchain, these records may lead to the emergence of new reliable evidence more quickly. I doubt that those who have evidence will accept this concept, while others tend to drag their opponents into a protracted lawsuit.
Blockchain will affect enterprises
One of the industries that have benefited the most from blockchain technology is real estate. Australia has taken measures to standardize its real estate documents so that once certain conditions are proved to be met through blockchain, transactions can be automatically conducted. In the United States, so far, the standardization of these processes is still relatively low. There may be more standardization, but even without standardization, blockchain solutions may be realized.
For industries that rely heavily on supply chain management, companies can implement blockchain processes to enforce standards. The chain of custody from one supplier to another can verify or deny raw materials.
For example, suppose you are an organic food manufacturer. You can use the blockchain to verify the organic components of the certification. If the supplier is not compliant, the supplier's products will be rejected before entering the next step of the process.
This management method is applicable to almost any field. If contaminated goods are provided, the automatic blockchain allows you to trace each raw material to the supplier until the batch number. You can quickly find the root cause of the problem, thus reducing the coverage of product recalls.
The good, the bad and the ugly.
Although blockchain technology can bring very positive results to the company and the whole society, it is not a quick and universal solution. The same rule applies to any system: "input garbage, output garbage." Blockchain needs a standardized process, which can be very powerful once it is implemented. The best first step is to try a simple application and learn from it.
Blockchain and other automation technologies may change the structure of the labor market to improve the accuracy of payment. Nowadays, it is unrealistic to pay employees more than a week's salary-most workers get paid twice a month. However, as the blockchain becomes ubiquitous, employees may eventually be paid by the minute, so that enterprises can avoid wasting money and pay overtime pay more accurately.
On the bright side, blockchain provides a sense of responsibility and can stimulate the extensive improvement of capitalist morality. By allowing companies themselves and possible third parties to investigate the smallest details of supply chain records, blockchains will be more likely to find behaviors that use or destroy the environment. Perhaps this high-level understanding will promote the company to better understand its own operation mode.
it's your turn
Blockchain is already a very powerful technology, and its power will expand in the next few years. Between legal major and business application, it should improve accuracy and accountability, and require job seekers to learn new skills.