Weekly E-mails:  Crypto Trading Strategy 5 Weeks of Onboarding Reads. Latest Airdrops (Thu 7 AM EST). Or all of it.

Dismiss   Pick Your Preference
This site uses cookies (More).


How Blockchain Disrupts The Legal Industry: A Primer - #CryptoTrading

Smart contracts, digital testaments and even marketplaces to trade whole discontinued startups are here.
  .  Published  · By Lisa Henderson  · Guest post by Lisa Henderson

Everything from smart contracts to the chain of custody, blockchain technology revolutionizes much of the legal industry.

At the heart of the disruption there is the blockchain, a way to create an immutable and transparent shared ledger where you can store shared information.

Law As A High-Tech Industry

You hardly think of the legal sector as a high-tech industry. Lawyers still deal with stacks of papers and much of the legal industry is called paper chase.

Blockchain technology can disrupt precisely this paper-heavy aspect of the law practice.

Smart Contracts For Law

Even today, legal contracts still involve the use of a physical piece of paper where they are written up and signed.

It requires a fair amount of time to draw up a legally binding agreement because of the number of people who need to physically meet.

Blockchain technology could change this because of how it will turn this into a digital process known as Smart Contracts. Lawyers won’t need to get as involved when you generate contracts through a trustless digital process between the relevant parties.

Through blockchain technology, the friction and cost of a legally binding document will be lowered.

In addition, blockchain provides you with the storage of the agreement, and you don’t have the requirement for the intermediaries.

Because lawyers could be eliminated from the process altogether, this technology will likely interfere with the legal profession but ultimately, lawyers will not disappear. They will be required to know how to review the logic of smart contracts instead.

Most lawyers probably first heard about cryptoassets when the anonymous or pseudonymous nature of some of them encouraged criminals to use them, with legal startups on the blockchain there is now another use-case opening up.

No matter how you look at it as cryptocurrency goes mainstream, lawyers will have the need to understand how cryptocurrencies work even before they will make use of them for document storage or transactions.

Intellectual Property

Legally speaking, protecting intellectual property has always been a challenge.

But through blockchain technology, companies have a new way to register their intellectual property in a way that will anchor it to a blockchain which is immutable.

The end result of blockchain technology for intellectual property is how you have a system that will prove twice as hard to corrupt. Blockchains get held in servers from all over the world, and a big advantage of them is their programmability.

You always have a high level of automation with blockchain.

In the same way, this will make the trading of intellectual property belonging to different companies much easier, and it will diminish the lawyer expenses. That is important for smaller players who have less than infinite funding.

There are already blockchain tech companies such as Lexit that work on this particular solution: A decentralized marketplace to do mergers & acquisitions on the blockchain, re-selling proprietary technology of a startup or even the trading of whole startups that have been discontinued.

Mergers & acquisitions are becoming important in the nascent blockchain space now that the ICO hype has worn off and it is no longer as easy to raise funds as it was in 2017.

The lack of funding has its consequences: While large corporations have the funds they tend to stay away from disruptive technologies because they are unproven and risky.

Small startups are the disruptors but they lack the resources to scale, market themselves and pay legal fees to stay compliant.

That is why many startups get bought by a large company once they have raked up a solid user base. The corporation can see the new technology has potential and invests to stay at the top of the industry, the startup does not need to solve the problem of competing with a a business that has far larger resources.

Tracking Property Transaction

How property gets sold, bought and rented for now means visiting your local government property office, and you can tell this industry remains in the last century. Piles of paper deeds, ledgers and property cards; all of this to track the ownership of property.

When the system goes digital, however, the immutable database will keep everything organized with much less back office effort; and that not only in property trade data but also for instance in legal documents needed in court cases.

That is at least true about the Western world.

The problem in the developing world is the general lack of infrastructure. Protecting individual property rights is more difficult and disputes arise often, human lawyers are required.

Considering how some of India’s land records, for example, stretch back to the colonial ages, the blockchain should offer everyone far more security through the digital storing of these documents, but there is still a long way to go.

India was still the most appropriate country to host the international conference of Blockchain Property Governance in 2017, which addressed some of the issues that people face with property rights.

Just like with trading of intellectual property, any other kind of transaction can be recorded in a transparent immutable way on a blockchain.

The immutability of blockchain is an advantage here as it diminishes the risk of tampering compared to traditional storage of digital data. At the same time, documents can still be labeled and categorized as easily as in any other digital storage, which means even older data can be easily retrieved and reused when needed.

  • The decentralized blockchain KYC/AML platforms such as Civic, Sefkey and Traceto.io make use of the secure and easy cataloging feature of blockchain to store personal identities.

  • Blocknotary seeks to use this technology for fingerprinting for media files. It eliminates the need of a rubber stamp that the notary public still uses today.

  • Will Testament and similar projects have cropped up to deal with testaments on the blockchain, a pressing issue in times when early crypto adopters have large sums stored outside of bank accounts or other properties linked with their citizen identity.

The legal implementations of blockchain are still in an very early experimental phase. It is still a use case worth watching to see what kind of changes will be coming to the legal industry and which of the emerging blockchain tech companies in the space will make a breakthrough.

Edited by: Diana Trang

Diana Trang is the editor of The Business Of Crypto.

About the author

Written by Lisa Henderson

Lisa contributes all sorts of content to Deal Meisters, with a special interest in food related topics. A true foodie at heart, in her free time Lisa enjoys cooking, trying new local restaurants, creative writing, and relaxing at the beach.


Last added to Crypto Airdrops, Bounties & Opportunities
Name Date How to access Official URL Additional Info
DAPPT Airdrop New Opportunity LIVE until 16 July The dapp.com pre-listing airdrop that we published in June is done now and users can withdraw their airdrop rewards. Dapp.com now opened another opportunity to earn money - there is a TRX reward for trading the DAPPT token. How to get money:Sign up on PIEXGO where DAPPT is listed with code 3I2QDP. Make at least one trade on DAPPT/USDT market. PIEXGO will snapshot user holdings every hour before 15:00 (UTC +8). Users will share a total of 30,000 TRX according to proportions of their average daily DAPPT holdings. DAPPT withdrawal PIEXGO exchange
MAXUM Crypto Airdrop As available New deflationary ERC-20 token (with a token burn rate of 2% per transaction). Because the only issue there is with the token ecosystem is inflation, or whatever. Drops for classic shilling (Twitter) and Telegram join. info form
PDATA Bounty Until 7 July PDATA is seeking to increase their brand awareness and would like to reward content producers in their native language with $20 in PDATA tokens in exchange for published articles and or videos. Maximum of 20 submissions. You should fill the pre-signup form ASAP, deadlines just now. info form
Product Protocol ERC20 Airdrop Until 22 Juny 2019 Product Protocol is a opensource protocol for crowdfunding/crowdlending campaigns based on digital assets issuing. Drops up to 18 USD worth of tokens for classic social media engagement. info join
INNOU Crypto Airdrop Limited INNOU is a new digital ecosytem and complete decentralized multimedia app. During their pre-ICO/ICO they are giving away up to 120 tokens (11 USD) for easy social media tasks. The 'Join' link takes you directly to the Telegram airdrop bot. info join
FanEspo Big Competition (ERC20) Regular Fanespo is launching a new promotion contest worth $400 in FAN tokens. Details will pop up on you when you sign up on site. Overall, the eSports platform FanEspo is giving away the total of $1.6 million of tokens in contests. You need to have a FanEspo account, the tokens you get are testnet but they will be transferred into real tokens upon launch. details make acct
Ethereum Card Airdrop Until end of June 2019 The escrow service on Ethereum is giving away up to 100 ETHCD tokens (15 USD) for a signup through referral and social media joins. Sign up with email and in your dashboard click "Join Airdrop". info sign up
Lunox LNX Airdrop Until end of June 2019 A retail marketplace that for some reason uses blockchain technology. Drops ERC20 tokens for social media shilling. info form
Bethereum Photo Contest Until end June 2019 Bethereum, the betting platform on ETH, is giving away prizes in a social media campaign to the platform users who take a photo of the platform in an unexpected place, post it as a comment and hashtag it #BethereumAnywhere Twitter. The monthly prizes of 25K Bether, AND 3 grand prizes of 100K BETHER! join platform photo thread
BlockWage Airdrops + Bounties Recurring Platform for freelancers marketplace. Airdrops randomly announced via Discord, there's also the possibility of Masternodes. join web
BitForex Exchange Launch Promo Limited The new altcoin trading platform is dropping exchange tokens to new signups. You get 20 BF for your signup with code 2178778 and can earn more for referrals, limited at 30k BF. details make acct

#DEX Series - The Business Of Decentralized Trading

Blog  #exchanges   29 Jun 2019, 09:14 UTC
DEX Series, Episode 2: Copy trading
Blog  #exchanges   29 Jun 2019, 09:14 UTC
DEX Series, Episode 1: Order Execution Management