Extract from Sam Mire’s article “What Are The Benefits Of Blockchain In The Legal Industry? 8 Experts Share Their Insights”
“Trust” and “efficiency” are two words that should theoretically apply to the legal system. But they often don’t.
Improving trust and transparency are the primary benefits that blockchain can offer the legal sector.
Trust comes from shared records accessible by all parties to an agreement. Blockchain’s decentralized ledger technology brings these shared records to life. And with smart contracts, it’s algorithms (not people) that oversee legal agreements. That’s one fewer intermediary to muddle and agitate.