How will the legal industry change with the advent of blockchain?

Blockchain is a publicly accessible ledger that can be used for anything that is normally stored in a database or computing program.

Essentially, blockchain is a program upon which a ledger system can be built. A network called Ethereum, described as "a decentralized virtual platform that executes peer-to-peer contracts," is gaining increasing popularity with its so-called smart contracts.

Contracts

Blockchain can transform the world of legal contracts. What makes Blockchain so innovative is that it can not only record data unchanged, but also perform actual processing on it.

For example, I could draft a contract that stipulates that when my patent is approved by the Italian Patent and Trademark Office (UIBM), my partners will receive a 10% stake in my company. How does it work? Once the contract is registered on the blockchain, it will check whether the patent has been registered and, if so, trigger a mechanism to distribute the shares to the partners.

All of this would be automated and would occur without the intervention of a lawyer. In fact, the process would reach a point where, once a payment system was established, the percentages to be paid would be automatically paid to the partners as soon as the patent registration was announced.

Intellectual property

If blockchain is ready for anything, it's intellectual property. This technology creates a veritable public ledger, suitable for any file type, that can bring global benefits.

This information offers clear usage rights for everyone. It would even be possible to apply for trademark registration through this system. Using an algorithm that identifies any potential similarities with other trademarks, the system could then grant or deny the application. All of this would become accessible to everyone.

Real Estate Rights

Wealth is derived from property, and one of the most complex aspects of state development is determining the owners of each territory. Conflicts often arise because corrupt governments or individuals take advantage of those most in need.

Having a publicly accessible ledger would allow anyone to know who owns what, and this would make the exchange of such land much simpler and fairer.

If a family decided to buy a piece of land that could be legally registered on Blockchain, control over it would be much easier to verify than, for example, on state registers.

Some countries in South America are starting to use blockchain to keep track of who owns certain parts of their territory.

Data collection

Some African countries are starting to use blockchain technology to collect census information. The voting census could be added to this system to create a central register of citizens who voted. In these largely underdeveloped areas, blockchain could bring enormous growth.

Financial services

Even the banking industry is embracing this new platform. The idea is for our stocks to become compatible with the blockchain system. Simply put, every share bought or sold will be recorded in the ledger. Everyone will be able to track their stock portfolio and even connect it to their property management documents.

Once extracted, these documents can be saved on the blockchain for as long as desired (possibly even until one's death). Finally, these documents can be passed on to one's heirs.