How Blockchain Can Revolutionize The Profession Of Lawyers In India
When it comes to the profession of law, all that you know about the lawyers is their ability to communicate and making arguments that are cohesive and logical. While some lawyers continue to follow the age-old approach, the rest believe in the adoption of technology to stay competitive in the field of law. Without any doubt, gaining access to the vast knowledge store through the data stored in the blockchain might allow the law firms to discover those pieces of evidence that are otherwise hard to find. Apart from this, the lawyers must also come to know the contradictions in every case via the enormous data bank.
● Creation of smart contracts
For the corporate lawyers in India, the blockchain technology facilitates the creation of smart contracts when asset transfer takes place automatically once the conditions are fulfilled. It is going to be a system that helps in resolving the disputes speedily and efficiently, allowing the lawyers to have more time to focus on volumes of work they need to handle regularly. Incorporating this technology may also mean the end of the era of the escrow accounts when the law firms hold on to the funds and distribute them for the fulfillment of the conditions.
● Enhancing the effectiveness of the criminal justice
The blockchain technology can dramatically improve the functioning of the legal system if the corporations and the websites decide to provide access to the law firms to collect the records through the blockchain automatically. The chances are that the access to those records can lead to quick findings when it comes to reliable evidence. Believe it or not, the side with the evidence will be more than interested in embracing this concept. Undoubtedly, the technology holds a lot of promise for the lawyers as it helps in attaining completeness, integrity, transparency, and authenticity.
● More flexibility
For the corporate lawyers firm in India, it is straightforward and flexible to adapt to the technology of blockchain. As the blocks are not stored in one area, the legal experts can easily manipulate the information they need. The lawyers can work from any location and connect to the other experts at another location while accessing the data which aligns with the global culture of work. Companies may also gain from this flexible work culture as they can choose to work with those law firms that are ahead in the field of law, and know how to combine technology with it.
● Exploring the new world
The blockchain technology has incorporated plenty of techniques on the internet which has also resulted in some major economic benefits. It has also brought changes in handling financial and economic transactions. It has also changed the way in which the information is handled especially while dealing with the digital data. Quite naturally, the lawyers in India can adopt the benefits and explore them properly. When the lawyers master this technology, they can easily assume leadership position even if there is a lot to explore in the field of law. For the individuals planning to enter the field of law, the blockchain industry is going to be financially rewarding.
● Assist in ownership
For all those transactions involving the chain and the proof of the title, the identity of the people and the ownership of the property, the blockchain technology will work wonders. It becomes easy for the lawyers to identify the owner as the ledger is trusted, verified, secure, and continuous of all the things that have happened.
● Litigation discovery
Enhancing the litigation process becomes easier for the lawyers in India when the ESI acts as the blockchain records. The professionals can authenticate the cords and store them publicly to add integrity to it. Apart from this, it would become easy for them to capture the real-time data which is completely validated as part of the blockchain process.
● Easy entry for the lawyers
At present, there is a crunch of professionals with the knowledge of the blockchain process and the smart contracts, and it is at this point that lawyers can embrace this profession to augment the field of law. The chances are that this industry is not yet saturated with the professionals who are adept with handling the smart contracts. For the professionals in the field of law who have enough determination and understand the processes more quickly than the rest, it is one of those fields they can easily master. The legal requirements to enter this field are few without the need for license and certifications.
● More rewarding for the lawyers
The lawyers serving in the corporate law firms in India are most likely to find this field extremely lucrative as the remuneration is going to be higher due to the shortage of professionals right now. No wonder that the experts of law would love to switch to this profession as it pays more than the salary they get from the companies following the traditional financial structure. The salary is in fact, one of the most compelling reasons to enter the blockchain industry.
More work opportunities
Due to the employment opportunities in this field, the lawyers would be interested in working with blockchain technology as the legal field is one that requires plenty of staff to handle high volumes of work in demanding environments. The blockchain industry looks forward to those professionals in the field of law, mainly because the individuals can solve the complex issues and identify the new opportunities. For all those lawyers willing to switch to a new track, the blockchain industry is the ideal choice. Although many of them may think before making a bold move, the transition comes with tremendous financial gains.
Author Bio: Amy Jones is a prolific legal expert working with Ahlawat & Associates-Legal firm in India that conveniently provides startup legal services. She is a passionate writer and loves to share about law-related topics.