Attorneys or lawyers are licensed professionals who advise and handle legal matters. The primary duties of an attorney are: interpreting rules and regulations for businesses, providing legal advice about the individual rights, defending lawsuits, summarizing the law cases to judges, analyzing the evidence, and preparing legal documents like contracts, pleadings, and so on.
Problems with the traditional system
Prone to tampering
If stored physically, it can be lost, stolen, or damaged.
How the blockchain system helps improves the attorney’s work
The main job of the attorney is to maintain the Client’s confidentiality. This is where the blockchain system helps. In the blockchain system, the person is known by its hash (which is like an address or pseudonym). The system stores no other detail. You can access your documents using this hash. No one on the system will recognize you, your location, or your profession. Thus, making its users unknown to each other.
Attorneys need to make sure their documents are safe in a secure location. However, it becomes a huge problem as many attorneys try to keep the records in traditional places like a locker or a safe, which are less secure than digital counterparts.
To help the attorneys with their documents, SAFEBOX uses a blockchain system. The records stored in the blockchain system, are first converted to hash and then stored on the nodes present in the system. The digital encryption secures this hash, therefore, making it safer than it’s physical counterparts.
The blockchain system provides its users with immutable data. Meaning no one can change or hack the information stored in the system. This is because the blockchain system uses a distributed ledger. In a distributed ledger, data is converted to a hash and stored on all the nodes available. To make a valid change, one needs to update the data on all the nodes. If there are any discrepancies, then these will be removed immediately, therefore, making it immutable.
There are cases when the terms and conditions of the contract change during the entire contract period. Attorneys keep track of these changes and make sure the parties/individuals involved in it verifies them. Keeping these documents in the blockchain system allows the attorneys and individuals to keep track of them. Any changes made to these documents are visible, thus, leaving out any discrepancies in the record. The code generated for every record placed in the system is unique. With every change, this unique code also changes. Attorneys can use this code to verify the changes with the parties involved in the contract. Thereby making it transparent, hassle-free, and easy to use.