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Business Technology applied to The Legal Profession:
5-7 slides that answer the following 3 points. Slides should be simple (graphics with explanation – no animation) with detailed notes and references in the “Notes” of slides
1. What is the problem? (opinion)
2. Data/ studies that support that the problems exists? Research (most important)
3. Current state of the problem? Are there solutions being applied anywhere?
INTRODUCTION
Blockchain technology aims to create a more secure recording of data, including financial and legal transactions. Blockchain technology is becoming a disruptive force in every business on the planet. Organizations wanting a better level of precision can benefit from blockchain technology due to its capacity to store transparent and immutable data. Some firms in the legal industry are aiming to use distributed ledger technology to transform business.
IMPACT: Increased transparency in the legal profession
Distributed ledger technology creates a shared ledger that all parties to a contract can access. Contracts built on the blockchain have built-in compliance, no surprises, and no possibility for misunderstanding. Non-techies can also better understand the transactions they make and what the smart contract represents.
Administrative chores, such as moving information across software and updating client trust ledgers, can take up to 48% of a lawyer’s time. Lawyers can automate non-billable administrative activities and transactional labor using a legal agreement repository and pre-fabricated smart contracts. Cutting back on excessive physical work will help speed up legal proceedings, lowering customer expenses.
Many legal processes can be streamlined, re-engineered, automated, disintermediated, and secured using blockchain technology without compromising judicial authority. As a result, the legal and financial industries will become more efficient and productive as numerous industrial aspects are optimized, cutting friction and expenses.
Ill-intentioned hackers who wish to benefit from the valuable secret information collected and managed by lawyers use legal documents as a honeypot. Lawyers can choose to store legal information on a decentralized, distributed ledger for append-only feeds instead of emailing sensitive material back and forth, which improves data integrity. In addition, if the evidence is tampered with or altered, the hash value linked with it will not match, indicating that something has changed.
Lawyers may use blockchain technology to streamline and simplify their transactional work, as well as digitally sign and store legal agreements in an immutable manner. Scripted language, smart contracts, and automated contract administration cut down on time it takes to prepare, personalize, and maintain ordinary legal agreements.
Many manual tasks can be automated, reducing the amount of time spent preparing and modifying legal papers dramatically. This cost is typically passed on to customers, resulting in exorbitant hourly lawyer fees. Smart contracts will help speed up and lower the cost of transactions between parties. For example, a cost-effective algorithm can maintain escrow accounts automatically and transparently for a fraction of manual labor expense. Lower legal service costs will enhance overall demand and accessibility.
Most legal contracts are now written with physical signatures, which takes a long time to complete for a legally valid agreement and is prone to human error because it is processed manually.
References:
“At $1.2 Billion, 2019 Is A Record Year for Legal Tech Investments — And It’s Only September”
. LawSites. 2019-09-16.
“Technology, Access to Justice and the Rule of Law”
(PDF). The Law Society.
University of Oxford – The role of technology in the future of legal professions
27 Feb 2017:
https://www.law.ox.ac.uk/research-and-subject-groups/research-collection-law-and-technology/blog/2017/02/role-technology
By: Clare Lintzenich
August 24, 2021
Maintaining Vital Law Firm Client Confidentiality: How Legal Tech Can Help
Maintaining Vital Law Firm Client Confidentiality: How Legal Tech Can Help
“ According to the American Bar Association, 25% of all U.S. law firms have experienced at least one data breach. In other words: the risk to client confidentiality is at an all-time high.”
Pros & Cons: Data Privacy’s Role in Advancing Legal Tech
Host Dan Rodriguez and German lawyer Markus Hartung parse the differences between legal tech advances in the U.S., U.K., and European Union.
https://www.americanbar.org/groups/litigation/committees/privacy-data-security/practice/2020/how-data-privacy-protections/
https://www.americanbar.org/groups/litigation/comm…
A New Style of Blockchain; For Business
Permissions
Append-only distributed
system of record shared
across business network
Shared
Ledger
Ensuring appropriate
visibility; transactions are
secure, authenticated &
verifiable
Key Concepts
Business terms embedded
in transaction database &
executed with transactions
Smart
Contracts
Consensus
All parties agree to
network verified
transaction
Transaction time from
days to near instantaneous
Reduce Time
Removes
Costs
Overheads and cost
intermediaries
Benefits
Data loss, Tampering,
fraud, cyber crime
Reduce
Risks
New Business
Models
IoT Integration into supply
chain
Blockchain Explained…
Q会
3
Business
Network
Customers, suppliers, banks, partners, government institutions. Cross geography & regulatory boundary
Wealth is generated by the flow of goods & services across business network
Creating Markets; Public (fruit market, car auction) or Private (supply chain financing, bonds)
.
Digital
.
.
1010101
0101010
1010101
Assets
ing that is capa of being owned or controlled to produce value
Tangible, e.g. a diamond, car, house
Intangible, bond [Financial], patent [Intellectual], music [Digital]
.
$EⓇ
000
Ledger
.
Ledger is THE system of record for a institution.
Transaction – an asset transfer onto or off the ledger
Contract – conditions for transaction to occur
TII
BLOCKCHAIN
.
A shared ledger technology allowing any participant in a business network to securely transact directly,
with accountability and with higher resistance to malicious tampering.
