Legal Systems and Blockchain Interactions
12 Pages Posted: 17 Feb 2017
Date Written: February 9, 2017
A large amount of money is spent globally in the litigation process. A significant chunk of litigations can actually be prevented from even arising if the policies, contracts and laws can be fully objectivised. Presently, the interpretation of law, contracts, policies etc. lead to a lot of confusion and ambiguities. This complicates the justice process. This paper deals with simplifying the legal procedures by using Blockchain Technology. Firstly I introduce the concept of Blockchains and Cryptocurrencies. Then we discuss the present legal services. The ways in which Blockchain technology can be applied to legal processes is identified. Civil and Common law systems are the most widespread in the world. The probable impact of Blockchain on law systems is evaluated. The paper concludes by summarizing the consequences and suitability of using Blockchain Technology in Law systems and Legal services.
Keywords: blockchain, bitcoin, cryptocurrency, rsbc, nationcoins, K-Y Protocol
JEL Classification: K11, K12, K41, K42, L14, P37, P48
Suggested Citation: Suggested Citation