Blockchain is an online register or a ledger of digitally recorded transactions which is encrypted in the form of blocks, where each block is connected by a network of computers which store these blocks, together forming the Blockchain. The legal services industry is at the stage to benefit from Blockchain technology in several ways. Blockchains are already being used for the creation of smart contracts, a bi-product of smart contract code and legal language we routinely come across in a contract. The aspect where Blockchain is expected to be most beneficial is for the purpose of title searches. The deployment of Blockchains across industries such as Real Estate, Insurance, Fintech would result in a need for dynamic regulatory changes.

(Inc42)