Blockchain technology, in its relatively short history, has bulldozed through a number of industries to make their operations more transparent, quick and efficient. Some of the sectors where this emerging technology finds use-cases include supply chain management, real estate, finance, and medical, among others.
Although the technology continues to find success in the industries above, one industry in which it possesses unparalleled potential is the legal sector.
This is not just wishful thinking. Blockchain’s characteristics like the immutability of records and easy accessibility make it an ideal fit to fill in the existing gaps in the long untouched legal industry.
In this Cryptocyclopedia entry, BTCManager will examine in detail the possible use-cases of distributed ledger technology (DLT) in the legal space. We will also discuss some of the individuals and groups that are spearheading the rise of blockchain in the law industry and what does its emergence means for those practicing the profession.
Can Blockchain and Lawyers Co-Exist?
According to data from the American Bar Association (ABA) in 2018, there were a total of 1,338,678 active attorneys in the United States. A decade earlier, the number stood at 1,162,124 while in 1998 it was just under a million at 985,921. This means that within two decades, the number of active attorneys in the U.S. has risen by approximately 36 percent.
However, the pace of technological advancement and the ever increasing automation of traditional professions have bred a number of uncertainties among many existing law professionals.
This fear, however, is largely unfounded.
One thing that often gets overlooked is that the majority of the cases or disputes in the legal sector are those of routine nature.