Key challenges for the legal industry
The Theft of Intellectual Property Commission states that intellectual property theft resulting from the lack of access permission control costs US companies roughly $600bn a year.
Law companies process tons of legal documents, from property claims to insurance, title deeds to court records. They need a unified, self-sustaining, and searchable database.
In the US, FINRA’s average time to closure for an arbitration case is 14 months, resulting in a 4,000-case backlog and an average 16-month wait for a regular arbitration hearing.
Since jurisdictions around the world require a proper, provable chain of custody. Documents that don’t comply with these requirements might become inadmissible in court.
Current notarization processes are drowning in bureaucracy and not only time-consuming but also costly. In the US alone, there are more than 4.4mln notaries (as per The National Notary magazine).
Manual signatures remain an integral part of legal certification procedures, requiring the physical presence of signatories and making legal processes unwieldy and slow.
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Blockchain solutions for legal from Aetsoft
Blockchain smart contracts can automate multiple tasks and procedures regarding legal documents, from signing and executing to terms verification.
Smart contracts can accelerate arbitration resolution by instantly reopening cases once certain conditions are met as well as select proper arbiters.
With blockchain, governments can provide public access to particular info under users’ FOIA requests without risking sensitive data becoming corrupted in any way.
Digital co-signing verified by advanced cryptography reduces or eliminates the need for third-party verification and accelerates transactions.
Blockchain provides an immutable record of evidence items, with provable CoC and automated updates via smart contracts.
Deeds and proofs of ownership can be assigned a unique ID, stored on a forgery-proof blockchain, making fraud next to impossible.
Blockchain applications in legal
Use case 1. Intellectual property protection
For insufficient control over intellectual property, it becomes hard to manage access to it adequately; violations and thefts are part of the issue.
Only selected people with unique, cryptography-immutable property IDs will have access to each property asset, making anonymous entries next to impossible.
Use case 2. Unified database
Dispersed nature of legal records across databases and silos hardens their collection for due diligence, chain of custody, and other purposes, in some cases, making it even unattainable.
A single, overarching legal database allows for quick collection and processing of documents and fast retrieval of the required data items at any moment.
Use case 3. Quick notarization
Notarization of leases and rental agreements remains a costly and time-consuming procedure, with general notaries taking their part.
Smart contracts exclude public notaries from notarization processes, making those fast, person-independent, and tamper-proof.
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