By Juan Aviles, Director of the Blockchain Area at the IMMUNE Technology Institute.- Blockchain technology is still in the development phase, it is not much known to a large part of the society, and it does not yet have a specific regulation. However, it is undoubtedly one of the true revolutions of recent years. As for the legal-economy sector, lawyers and workers in the legal sector finally have an effective tool to deal with fraud and provide transparency and fairness to legal processes.
Knowing the impact of this technology, Last February, Brussels launched an initiative to promote the use of blockchain technology in the public and private sectors over the next three years.. Although the main blockchain applications were initially designed for the financial sector, other sectors soon discovered it and began to learn about its great potential and how it can create improvements in all kinds of processes.
Blockchain is a technology that has revolutionized the way digital transactions and records are made. In the legal sector in particular, blockchain is primarily used for intellectual property management, public ledger implementation, and smart contract creation. The latter may be a more interesting solution. Smart contracts are computer programs that use blockchain technology to automate and automatically execute the terms of a contract, making the trading and execution process more efficient and secure.
Among the many benefits of smart contracts are:
- AutomaticAs smart contracts eliminate the need for intermediaries and are automatically executed when programmed conditions are met, this reduces costs and human error.
- and transparencyThis gives all parties involved the ability to verify transactions and ensure that agreed terms are met.
That is also his specialty abilityThere are Security (as they are protected by cryptography and blockchain technology) and Saving time and money. Los Smart contracts They reduce the time required to complete transactions as they are automatically processed and do not require intermediaries.
Blockchain and Intellectual Property
Regarding the intellectual property management we mentioned earlier, blockchain offers the opportunity to protect and register copyrights, trademarks and patents, as well as be used to create immutable and secure property records in the field of public records. , contracts and other legal documents.
Technology Blockchain is coming to change the legal industry as we know it. However, to take the next step, it is necessary to clarify certain legal uncertainties regarding fundamental rights.
There is no doubt that we need a legal framework that can create blockchain technology, because Spain and the EU already have some common regulatory parameters in which blockchain can be designed, all according to which it will be convenient to create legislation. Features that hold this technology. Its potential negatives are few compared to its benefits, but it is clear that this new solution is going to provide legal professionals with a large amount of new information. Processing large amounts of data currently handled using technologies such as Blockchain or Big Data can be of great benefit to the company or office that uses it, but without a mind that knows how to use it rationally and in the right way, these types of solutions are of little use.
The role of lawyers in judicial processes will continue to play an important role. In this challenge of living in a decentralized and increasingly changing digital world, it is essential that professionals in the technology sector know how to use technology properly. Discover everything we have left to offer, leaving no feature behind. Without losing the human part, we need to deeply reflect on how to incorporate these technologies into our work, which are so essential to all sectors and depend on the function of citizenship.