People often perceive the legal industry as an old-fashioned profession with little or no room for innovations. This is where blockchain steps in.
The advantages of blockchain in the legal industry are as follows:
Protection of evidence, especially digital evidence from theft or accidental destruction.
Smart contracts can eliminate the need for maintaining multiple copies of different legal documents which also rules out the element of human error. Smart contracts also helps in reducing the involvement of lawyers in the preparation of legally binding documents
The number of disputes will drastically reduce due to increase in transparency and security as parties will be able to share their documents over the blockchain network without their data being exposed.