As the popularity of cryptocurrencies goes down with the memories of last year, the platform on which it operates is fast gaining relevance. The blockchain is a decentralized ledger and this system was first introduced with the Bitcoin in 2009. It has since gained the attention f many as a suitable way to improve on the usability and general functionalities of our current internet infrastructure.
2018 has fast become the year of the blockchain and a lot of experts have talked about the blockchain being the next version of the internet. A new version that changes everything. In the New York Times, we read: “The Bitcoin bubble may ultimately turn out to be a distraction from the true significance of the blockchain.”
Naturally, there is a wide gap between the realities and theories of blockchain implementation and the eventual impact of blockchain in the near future is anyone’s guess at this moment. After all, the internet is the most disruptive technology we have seen in many many years so changing its face is a very big ask altogether. But there are some real-world applications of the blockchain technology and we will be taking a look at an unusual one, the legal system.
What can the blockchain do for the legal system?
There are a lot of attractive real-world applications of the blockchain technology and some of them are supply chain management, online banking etc. now we want to take a look at the impact this technology can have on the legal system. There are so many inherent features of the blockchain technology that make it an attractive use case for the courtroom. It is a decentralized network that is accessible by anyone and this makes record keeping a compelling use case for the legal system.
The blockchain technology will offer complete protection to digital forms of evidence and this will ensure that all involved parties have access to the appropriate information and also guarantee the security and integrity of said evidence. With this technology, the stored data can be modified with the consent and knowledge of all parties involved and this offers a fully digital experience for the courtroom. At the end of everything, the evidence can be cryptographically sealed thus keeping its integrity at 100% at all times.
Even though the legal systems serve a very vital role in the society, it is fast becoming outdated and newer models of operating are in order. You have to keep dealing with antiquated founding documents and accouterments and it is still being managed with the pomp and ceremony of a long-standing tradition. Technology, in general, can help transform many aspects of our current legal system and make things faster and more accessible. The blockchain technology will even take this advancement a step further to ensure accessibility and integrity of information altogether.
The blockchain technology is still in its hype phase and this is very common with brand new forms of technology but this doesn’t take away the fact that it will have some real-world applications and its increasing role in the legal system is a testament to that.