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Blockchain Use Case in Legal Industry - iFour Technolab Pvt. Ltd.

Blockchain in Legal Industry improves approval waiting time and resources for patents & trademarks handling and creates a record of peer-to-peer transactions without the need for a trusted authority. 40% of legal departments utilize automated contract management tools and tamper-proof and legally unassailable agreements based on smart contract technology.<br>

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Blockchain Use Case in Legal Industry - iFour Technolab Pvt. Ltd.

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  1. https://www.ifourtechnolab.com/legal-custom-software-developmenthttps://www.ifourtechnolab.com/legal-custom-software-development

  2. USE CASES IN: USE CASES IN: LEGAL INDUSTRY LEGAL INDUSTRY https://www.ifourtechnolab.com/legal-custom-software-development

  3. USE CASES IN: USE CASES IN: LEGAL INDUSTRY LEGAL INDUSTRY Blockchain in Legal Industry Improves approval waiting time and resources for patents and trademarks handling 40% of legal departments utilize automated contract management tools Creates a record of peer-to-peer transactions without the need for a trusted authority Tamper-proof and legally unassailable agreements based on smart contract technology https://www.ifourtechnolab.com/legal-custom-software-development

  4. USE CASES IN: USE CASES IN: LEGAL INDUSTRY LEGAL INDUSTRY Blockchain in Legal Industry Improves approval waiting time and resources for patents and trademarks handling Blockchain technology could also reduce the cost of notary services, FOIA requests, and corporate filings 40% of legal departments utilize automated contract management tools Cut down significantly on the number of legal disputes clogging courts and raising lawyer fees for innocent parties Creates a record of peer-to-peer transactions without the need for a trusted authority Immediate Funds payments and transfers without the need for intermediary financial institutions Tamper-proof and legally unassailable agreements based on smart contract technology https://www.ifourtechnolab.com/legal-custom-software-development

  5. USE CASES IN: USE CASES IN: LEGAL INDUSTRY LEGAL INDUSTRY Use Case 1: Legal Records Management & Retrieval Records created by blockchain could be shared among all the players in the system, from law enforcement officers to parole officers Benefits: The public would have greater access to information Permissions to view records can be set at various levels An auditable trail of amendments to the documents would be created Interested parties could receive updates instantaneously Record keeping would be greatly enhanced Initiatives: United Kingdom is poised to take the lead in taking a criminal justice system into the next generation https://www.ifourtechnolab.com/legal-custom-software-development

  6. USE CASES IN: USE CASES IN: LEGAL INDUSTRY LEGAL INDUSTRY Use Case 1: Legal Records Management & Retrieval Use Case 2: Digital Intellectual Property Records created by blockchain could be shared among all the players in the system, from law enforcement officers to parole officers Protecting intellectual property in the digital age, including images, audio, video files, designs and symbols Benefits: Benefits: The blockchain is redefining automation, security and contractual agreements The public would have greater access to information Blockchain binding the legal documents of user like: Signing authority, Lawyers, and Parties Permissions to view records can be set at various levels Minimize fraud & mistaken identities by tracking data like: birth, death, marital status & criminal activity An auditable trail of amendments to the documents would be created The data is less likely to be breached and landowners could easily manage and transfer rights Interested parties could receive updates instantaneously Record keeping would be greatly enhanced Initiatives: NKOR - Promise to have a platform for registering intellectual property and ‘anchoring’ it to the blockchain Initiatives: https://www.ifourtechnolab.com/legal-custom-software-development

  7. USE CASES IN: USE CASES IN: LEGAL INDUSTRY LEGAL INDUSTRY Use Case 2: Digital Intellectual Proper Use Case 3: Notary Services Protecting intellectual property in the digital age, including images, audio, video files, designs and symbols The blockchain can serve as a capable, decentralized guarantor of critical proprietary proof and related details Benefits: Benefits: The blockchain is redefining automation, security and contractual agreements Eliminating the need for the rubber stamp of today’s notary public Blockchain binding the legal documents of user like: Signing authority, Lawyers, and Parties Documents can be preserved digitally as part of a digital ledger Minimize fraud & mistaken identities by tracking data like: birth, death, marital status & criminal activity Blockchain serve the need for document authentication The data is less likely to be breached and landowners could easily manage and transfer rights Blockchain capable of making notary services more easily accessible and affordable Initiatives: Initiatives: NKOR - promise to have a platform for registering intellectual property and ‘anchoring’ it to the blockchain Blocknotary - Apply blockchain technology to legal documents, and offers “timestamps and fingerprints for media files https://www.ifourtechnolab.com/legal-custom-software-development

  8. USE CASES IN: USE CASES IN: LEGAL INDUSTRY LEGAL INDUSTRY Use Case 3: Notary Services Use Case 4: Corporate Filings The blockchain can serve as a capable, decentralized guarantor of critical proprietary proof and related details Blockchain technology make incorporation processes even more cost-effective and easy to access Benefits: Benefits: Data on a blockchain is more accurate, consistent and transparent Eliminating the need for the rubber stamp of today’s notary public Documents can be preserved digitally as part of a digital ledger Encrypted and linked to the previous transaction Blockchain serve the need for document authentication Lower the cost of corporate filing Blockchain capable of making notary services more easily accessible and affordable Transactions can be completed faster and more efficiently Historical transaction data can help to verify the authenticity of assets and prevent fraud Initiatives: Initiatives: Blocknotary - Apply blockchain technology to legal documents, and offers “timestamps and fingerprints for media files Delaware - Taking a broader approach to solving the issues that face many corporations using the blockchain https://www.ifourtechnolab.com/legal-custom-software-development

  9. USE CASES IN: USE CASES IN: LEGAL INDUSTRY LEGAL INDUSTRY Use Case 4: Corporate Filings Use Case 5: Smart Contract Regulation Blockchain technology make incorporation processes even more cost-effective and easy to access Potentially be created and executed directly between the relevant parties, with less lawyer involvement Benefits: Benefits: Data on a blockchain is more accurate, consistent and transparent Intermediary services of contract implementation, including brokers and agents, are no longer needed Encrypted and linked to the previous transaction Smart contracts enable the “go-green” movement Lower the cost of corporate filing Eliminate the need for a vast chain of middlemen Transactions can be completed faster and more efficiently Your details are permanently stored for future records Historical transaction data can help to verify the authenticity of assets and prevent fraud Automated contracts use the highest level of data encryption Initiatives: Initiatives: In 2017, Arizona became the first state to recognize signatures issued on smart contracts as a legally binding agreement Delaware - Taking a broader approach to solving the issues that face many corporations using the blockchain https://www.ifourtechnolab.com/legal-custom-software-development

  10. USE CASES IN: USE CASES IN: LEGAL INDUSTRY LEGAL INDUSTRY What we offer? Custom Blockchain mobile and software Blockchain Consulting Cryptocurrency (ICO) https://www.ifourtechnolab.com/legal-custom-software-development

  11. USE CASES IN: USE CASES IN: LEGAL INDUSTRY LEGAL INDUSTRY What we offer? DApp Development Custom Blockchain mobile and software Blockchain Consulting Hyperledger Service Cryptocurrency (ICO) Smart Contract Development https://www.ifourtechnolab.com/legal-custom-software-development

  12. USE CASES IN: USE CASES IN: LEGAL INDUSTRY LEGAL INDUSTRY Contact Us info@ifourtechnolab.com Follow Us : https://www.ifourtechnolab.com/legal-custom-software-development

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