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Lawyers can use blockchain technology to streamline and simplify their transactional work, as well as digitally sign and store legal agreements in an immutable manner. Scripted text, smart contracts, and automated contract management cut down on the time it takes to prepare, personalize, and maintain standard legal documents. Furthermore, blockchain democratizes access to justice by reducing consumer complexity and lowering expensive legal fees.
Distributed ledger technology creates a shared ledger that all parties to a contract can access. Contracts built on the blockchain have built-in compliance, no surprises, and no room for misunderstanding. Non-technologists can also gain a better understanding of the transactions they make and what the smart contract represents.
Many of the manual tasks can be automated, reducing the amount of time spent drafting and amending legal documents significantly. Smart contracts will help to speed up and lower the cost of transactions between parties. A cost-effective algorithm can manage escrow accounts automatically and transparently for a fraction of the cost of manual labor. Lower legal service costs will increase overall demand and accessibility.
Cutting back on excessive manual labor will also speed up legal proceedings, lowering customer costs.
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