Custom blockchain legal development for enterprises from OpenLedger.

48% of law firms focus on cyber threats in their crisis management exercises. Source

20% of clients expect law firms to have better data privacy expertise than they do. Source

19% of consumers find transparency a vital quality of legal service providers. Source

Key challenges
for the legal industry

Today’s legal sector suffers from excessive paperwork, lack of security, transparency, and slow processes, all arising from outdated methods and practices. Blockchain technology is designed to create an automated, fast, accessible, and tamper-proof environment for legal operations.

OpenLedger offers blockchain solutions covering the following critical aspects of the legal industry:

Manual work

Legal contracts are still handwritten and certified with physical signatures, which requires time to process and the physical presence of parties.

Intellectual property

Every day the industry faces intellectual property violation issues regarding music, videos, or works of art. Typically, violations stem from the lack of access permission control.

Data storage

With piles of legal documents claiming property ownership, rental, and other rights, law firms recognize the necessity of adequately organized, searchable database as never before.

Documentary evidence

Some jurisdictions require an auditable, provable chain of custody as well as requirements for traditional documentary evidence. As a result, such documents might become not relevant at the time of their presentation.

Notary services

Currently, legal documents, such as leases or rental agreements, require the presence of a general notary who verifies the signatures. The notarization process itself is costly and time-consuming.

Arbitration cases

The average turnaround for an arbitration case through FINRA is 14 months; the agency currently runs a 4,800-case backlog. Arbitration remains preferable to court proceedings but is still a slow and unwieldy process.

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Blockchain for legal: applications

Blockchain has an answer to every burning question faced by the legal industry. Below are some cases proving blockchain’s versatility.

Automated contracts

Delegate the task of contract signing to on-chain, self-executing ‘smart’ contracts that execute agreements between parties automatically when pre-arranged conditions are met.

Tamper-proof database

Blockchain might serve you as a useful tool for arranging an irreversible data storage where users can send FOIA requests without the risk of altering data or accessing confidential information.

Cost-effective arbitration

With smart contracts, you can limit the number of cases in which disputes are possible. When differences take place, smart contracts could automatically assign arbiters from the selected databases.

Evidence tracking

Blockchain takes care of chain of custody recording. Evidence can be stored directly on-chain, or smart contracts can require changes in custody be recorded on-chain, resulting in a tamper-proof, auditable record.

No middlemen

Forget about notary services – every document on the blockchain is “marked” by a digital signature serving as a proof of its validity.

Property protection

Users can register intellectual property rights with unique IDs, minimizing chances for violation and fraud.

How can smart contracts revolutionize the legal industry?

Law firms that use blockchain

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Blockchain opportunities for the legal industry

Eventually, blockchain’s implementation scope might go beyond the existing aspects. Here are just a few examples of entirely new potential use cases.

Automatic asset issuing

Think of estate planning with assets to be provided to an executor upon a particular event or date. Smart contracts could be used to issue the assets automatically at the right moment.

Public record maintenance

For governments, the fragmentary nature of census data often makes it challenging to satisfactorily record and maintain it, as well as to extract insights from it. Blockchain could advance this cause by providing shared, secure record storage.

Regulatory compliance

Blockchain could make the process of compliance with government regulations faster and less expensive. Every time regulators needed to check a particular certification, they could demand it from a secure blockchain record.

Change the face of your legal operations with OpenLedger

With deep expertise in blockchain development, OpenLedger is ready to meet the challenges faced by the legal industry. A custom blockchain or a dapp — we put a personal touch to every project.

Professional assistance

As blockchain permeates more and more areas, the law needs to adapt to these changes. With our blockchain experts, you can count on insightful consultation or a blockchain workshop.

White-label blockchain

Need a public, private, or hybrid blockchain for your legal documents? We can build a blockchain protocol tailor-made to your requirements, the one where you can precisely define access permissions or grant equal access to all network participants.

Smart
applications

On your demand, we will build a decentralized application that runs on smart contracts automating your workflow. Make your legal operations autonomous, fast, and accurate with DLT.