How Blockchain Technology Is Transforming the Legal Industry

Blockchain — known as the technology underpinning bitcoin — allows for records of transactions to be kept on a digital ledger and shared by everyone in the network. There are multiple blockchains, and the Ethereum blockchain introduced a feature called “smart contract” that allows coded programs to act upon predefined triggers.

Blockchain technology is now being used to build tools and infrastructure that help lawyers draft contracts, record commercial transactions, and verify legal documents.

Blockchain can help reduce the time lawyers spend on routine tasks and that frees them up to spend more time on legal insights.

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