What Blockchain Can Do for Law Firms
Is your law firm ready for a technical organization? Ready to offer heightened digital security to your clients? Learn what blockchain can do for you.
What is blockchain?
This revolutionary distributed ledger technology is more than just a public ledger. The knowledge stored in each block can range from transaction dates, times, and amounts. Blocks have unique cryptographic codes (hash). One block can contain information of thousands of transactions by different individuals. Each block storing new categories of data is added to the chain.
Are there security advantages to blockchain technology?
Copies of the information are stored across a network of computers. Because of its decentralized nature, hackers have a more difficult time manipulating information stored in this format than with traditional methods of data storage. Transaction verification is done via computer networking.
Blockchain is resilient. Data is broken down and distributed across the entire network of computers ensuring that each one has a complete copy of the ledger in its entirety. One or two computers going down is inconsequential. The information itself is redundantly backed up.
Blockchain has two main hallmarks: accuracy and truthfulness. This is how it ensures data veracity. With these two important characteristics of accuracy and honest fact-checking, blockchain can allow data science to focus on the quality of data rather than quantity.
The decentralized (yet publicly accessible) nature of blockchain may lead some to believe that personal data is not secure. This is not the case. Blockchain ensures individual privacy better than other information-hosting formats by allowing users to control their data. Public and private keys are issued which allow individuals to own their data.
Why is blockchain right for your law firm?
Blockchain technology can simplify many law-related processes. You can easily store transactional work, documents requiring digital signatures, and other legal agreements. The use of standardized text and digitally transmitted contracts creates an efficient, modern office. Contact us for more information on how to modernize your law office’s data storage.