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Can Blockchain Technology disrupt Law?

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Blockchain Law

This is part of our major series on Blockchain Technology and its impact on different industries. In this article we will look at Blockchain Technology’s impact on Law. Access the main article: What is Blockchain and its impact on various industries
Highlight and Share any textA quick overview of the profession

The legal profession is known to be a significant contributor to the wider economies of the US and UK. In 2017 UK legal sector alone employed 315,000 legal professionals and was valued at 32.7 Billion which was a 3.8% increase over its market value in 2016. Further modest growth of 2.8% is expected by 2020.

The American legal sector currently employs 1,338,678 legal professionals.

With so many litigators, U.S. ranks among the Top 5 most litigious countries. However, the legal services operate in a fragile manner leading to legislative complexity. The rising count of litigations and related legal costs are jeopardizing the economic state of nations.

According to the Federal judicial caseload in U.S. report of 2017, the appeal filling went up by 10% to 58,951. The numbers are alarming. As the number of litigations is rising, the cost of litigation is also magnifying which has a direct impact on the micro aspects of the economy like car insurance prices, tax advice, and legal solutions.

The complexities are multi-faceted.

As per a survey conducted by the International Survey on Dispute Resolution in Technology Transactions, court litigation is a price intensive task as compared to arbitration and mediation. According to the estimates shared by the respondents, average litigation takes 3 years to be resolved. Due to the system inefficiencies, legal battles the costs incurred surpassed USD 475,000 in home jurisdictions and USD 850,000 in other jurisdiction.

With these complexities, the business executives and other participants end up wasting their productive time.

Time consumption - Blockchain TechnologyLooking at another example from world’s largest democracy, the Indian judicial system is no different where since a decade 60,000 cases are pending in Supreme Court of India, 4.2 Million cases are pending in High Courts, and 27 Million cases are pending in the District and Subordinate Courts. In India, the government is the largest litigant in India.

The legal system across the globe is in need of technical support that will address the core issues like the accuracy of judgment, the speed of the system, transparency of the judiciary set up, a jam-free case clearance system, court file integrity management, instant and trackable penalty payment set up.

Blockchain technology is expected to address the challenges of the legal profession. The decentralization and immutability offered by Blockchain Technology could help mitigate the inefficiencies of the judiciary ecosystem.

Possible use cases of Blockchain in Law

The legal system is paralyzed by the administrative burden, corruption, backlog of pending cases, lacking transparency, growing queue of detainees awaiting trial and more. Let take a closer look at how blockchain can help the legal system get rid of its inefficiencies:

Shorten the Time of Dispute Resolution

stop wasting time - Blockchain TechnologyIn Jan 2018 Financial Industry Regulatory Authority (FINRA) received 240 customer and 80 Intra-Industry new case filings. Despite solving 330, the backlog figure of pending cases was around 4,512. The overall turnaround time of the dispute resolution rose up by 6 months in 2018.

There is no fall in the dispute resolution time despite the overall lawyer population going up by 0.2% across the US. All the more, the number of open dispute cases rose up by 10% from Jan 2018 to Jan 2019.

The disputes keep coming in from multiple domains but the legal system is using legacy systems to handle the administrative load that adds to the dispute resolution time. The court systems are working severely under austerity. To quote an example since the last decade for the US immigration court system the workload has inflated by 146 percent. Surging the average pendency per case to 627 days. Working a paper-based system, the court system is turning more sluggish. In the UK every year 365 million pages are generated by the judicial system which adds to the cost and resolution time of legal cases. The bureaucratic structure and intermediaries are adding to the wait time. Many times a single missing legal document led to case adjournment considering it as the situation of insufficient evidence.

According to a study, almost 65% of the legal professionals agree the paper-based judiciary system needs to be replaced by a trustless automated system.

Project: LegalThings

Legal Things LogoBlockchain projects like LegalThings bring automation to the legal system by securing each legal document signing event on the blockchain. The adoption of such systems not only makes the entire value chain paperless but ensures the access to legal documents is almost instant and secure which will bring down the case resolution time down significantly.

Bring down the cost of the legal system

Almost 9/10 Americans have shared the statement that the current cost of legal services is severely high. As per the 2019 repost by NewYork Times, the case fee charged by the private litigators is overwhelming leading to overburdening of public defenders. In the state of Louisiana, each public defender is handling 413 felony caseloads which are 3-4 times the average caseload.

The overburden has a severe impact on the legal system leading to the inefficient defense of defendants.

The situation is no better in judicial systems of growing economies like India where the additional cost of litigation per litigant is INR 861($12.31) due to inefficiencies of the system. When aggregated over a year, these productivity losses surpass 7.1 Billion USD.

Blockchain promises transparency which can be utilized to build platforms to network the lawyers and the people who require the legal service. As the intermediaries will be eliminated from the ecosystem and the legal fees will also be competitive enough to make justice affordable for all.

Project: Legaler

Legaler logoLegaler, the blockchain platform signed up more than 1,000 legal firms across 80 countries. The flagship app Legaler Aid of the initiate will aid people who can’t afford legal advice from the network of the legal firms it has. The legal service providers who are willing to offer pro-bono services will receive the tokens of Legaler platform as an incentive.

Corruption in the legal system

Corruption in legal - Blockchain TechnologyIn 2013, the Texas state convicted a judge of the act of bribery that amounted to be more than $250,000. The stats may be old but nothing much has changed, according to research conducted by Pew Research and Yale Law School, 2.5 million bribes are paid in the U.S. Justice System every year.

The impact of such a scale of corruption is leading to unfair trials because of which 2.3 million people have ended up in prison without ever going to a trial. While many judiciary systems have identified the advocacy objectives, it requires the support of a recording system which will time track each activity that happens in the judicial system.

Blockchain comes with a ledger that is immutable and can record all the activities with a time stamp. If the bribery act tries to penetrate the system, it would require the recorded entries to be altered. As all such activities can be tracked, no one can anonymously change the entries to overrule lawful acts.

Development in Spain

SpainSpain, the European Union’s lowest-ranked country due to its high-corruption rate is amending its anti-corruption laws and utilizing the support of blockchain to implement the new laws. EU Blockchain Observatory and Forum has invested almost 80 million euro into Blockchain and AI projects to fight against corruption in both the private and public sectors.

Enhance the response time of agencies that support justice

The lawmakers or litigators depend on agencies like FOIA (Freedom of Information Act). The lawmakers put across a request for information that is crucial for litigation. But the system currently takes 20 days to process each request. The lawmakers and the system pays high fees to the system and after a long wait receives redactions. To make the process efficient government spends $500 million every year on FOIA but more than 93% of the cost is spent on the traditional request processing system alone.

The system offers no transparencies to the lawmakers which is indeed a troublesome situation. The impact of slag in accessing the correct information is so severe that it adds to the resolution durations which defeats the purpose of existence of FOIA.

The introduction of blockchain solutions such organizations will significantly bring in transparency and speed to the access of information. There will be no information manipulation as all the information will be secured by the blockchain.

Project: Recordkeeper

Record Keeper LogoRecordkeeper is a full suite of record keeping infrastructure based on by blockchain. The system supports well-structured and easily accessible data in a highly encrypted and secure manner. The integrity of data will be always maintained as the distributed ledger is impenetrable.

In conclusion

It is hard to deny the blockchain technology seems to hold a lot of promise to iron out the inefficiencies of the legal set up. It has proved to be the necessary toolkit to address the issues like inflation in legal fees, delays in trials and judgments. The time is ripe to reinvent the legal system with blockchain solutions.

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Transforming Data Center Infrastructure With Blockchain

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Blockchain Infrastructure

Cryptocurrency – just hearing the name – can spark discussion topics on how innovative and controversial it is. However, nowadays, there seems to be a consensus that blockchain – the technological backbone of every form of cryptocurrency – is the former. The latter part of the discussion comes from the fact that cryptocurrency is still new, and needs more improvement, before it can actually be considered a wildly-accepted type of commercial (public) currency.

On the bright side, companies like Google and Goldman Sachs have already started to invest in various blockchain firms. And, it’s expected that sometime in the future, more big-name companies will follow suit, if cryptocurrency succeeds. Therefore, data centers and cloud hosting services must be ready to serve these new blockchain-based companies, as well as their needs, in the coming years.

So, you may be wondering: How did we get here? 

How Did It Start?

Modern blockchain started in 2008 with Bitcoin, which is a peer-to-peer Electronic Cash System. This white paper was a form of cryptocurrency that could live on a distributed network without any centralized authority; and blockchain is the technical backbone of that system, or a distributed digital ledger or database for it. No central authority will be able to manipulate the blockchain, since the whole network contributes to its creation and maintenance.

How It Works

In blockchain, two parties will make a transaction, to which they advertise it to the network. Then, various network nodes pick up multiple transactions, and arrange them into blocks. Afterwards, miners will use computers to add this block to the ledger (or blockchain).

Now, in order to add these blocks to the blockchain, the task requires a lot of computing power. Why? Because each of these blocks come with a sort of attached mathematical puzzle. And, to solve these puzzles, they need computing resources. But don’t worry: these puzzles are what miners are interested in, because they’re usually rewarded with tokens, just for adding a block to the blockchain.

Before the existence of blockchain though, business transaction would’ve been made through a trusted third-party company (i.e. a bank or a government institution), in order to guarantee the integrity of a transaction between two parties. However, blockchain eliminates that need by opening up the possibility for business transactions between parties worldwide, without the need for any financial or government institutions to step in. 

What Blockchain Means For GPUs

The need for blockchain means elevated demand for graphical processing units (or GPUs). As blockchain calculates, miners will have to provide enough computing power for it. And, as cryptocurrencies and blockchain-based applications become more popular, the higher the demand for computing power. That’s where GPUs come in, since blockchain-based calculations are best performed on these units. 

Data centers and cloud-hosting services will also have to look into AMD and NVIDIA graphics cards, in order to better serve the blockchain market; however, these graphics cards can be pricey. And, they’ll have to better optimize their infrastructure to be GPU-compatible.

Concerns?

The most controversy that cryptocurrency has faced is its vulnerability to possible hacking schemes. One can argue that there are major concerns about blockchain hackers taking – or planning to take – advantage of the fact that cryptocurrency doesn’t have enough protection yet to sustain itself, in case of a security breach that can cost millions.

Concerns on cybersecurity for data centers, in that case, seems to have spawned from cryptocurrency market’s promise of immense riches and overnight successes, to where anyone – including bad actors and hackers – will create an ever-growing threat in the cyber realm.

“One example of hacking of cryptocurrency was in January of 2018, when hackers were able to steal more than $500 million (or £380 million) worth of cryptocurrency from the Tokyo-based cryptocurrency exchange Coincheck,” adds Barnard. “Thus, that story, to this day, serves as a warning to what can happen, if cryptocurrency is unchecked. And, this story has many people concerned about whether cryptocurrency is safe to invest in or not.”

Conclusion

As you can see, data centers will have to go above and beyond to better accommodate the growing trend of cryptocurrency. And, to do so, they’ll need a good functioning digital infrastructure, to handle blockchain systems and increasing data processing demands.

This need for the right data center infrastructure is also increasing, since blockchain is expected to greatly impact the following:

  • Finance
  • Healthcare
  • Government
  • Transportation
  • Manufacturing
  • Medicine
  • Logistics
  • Other various industries 

Thus, it’s absolutely necessary for data center service providers to stay competitive, when it comes to such changes in technology, including blockchain. Ultimately, with an up-to-date infrastructure for blockchain to work on, data centers will be able to be sustainable, regardless of any changes and or developments made in the tech world for many years to come.

Author’s Bio: Katherine Rundell is a writer and editor at UK Writings and Academized. In her spare time, she likes to travel to different states, give special talks in various business training courses, read her favorite books (ranging in different genres).

Thank you for reading and sharing this article. We appreciate you.

Stay safe and healthy!

Top 5 Cryptocurrencies 2020

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

 

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5 Best Crypto Movies To Learn Crypto From

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Crypto Movies

Bitcoin has been around for 10 years. As a result, there are many people who will keep tabs on it and cheer for its modern successes. So today, we want to celebrate along with crypto fans by bringing you a fun article about the topic.

If you thought that cryptocurrency is all business, business, business – well, in actuality, crypto has also made its way into cinema. Yes, in this article, we’ll show you the 5 best movies that involve Bitcoin, crypto, and blockchain. And, the good news is, you don’t have to read really long articles that talk about crypto, when you can watch a fun movie instead!

So if you want to gain a bigger understanding on what Bitcoin is, and why it’s so important in today’s world… or if you want to educate others on why Bitcoin is NOT something out of a science fiction movie (no pun intended), then check out these 5 great movies.

Cryptopia: Bitcoin, Blockchains And The Future Of The Internet (2020)

Cryptopia Bitcoin Blockchains and the Future of the InternetCryptopia is an ideal film for novice cryptocurrency people. So, if you’re a newbie in the crypto world, or want to brush up on your crypto skills, then check out this documentary. 

This film is a deep-dive into the crypto world, and it doesn’t shy away from explaining the good things about crypto, as well as the negative parts of it. Yes, crypto can be both a Godsend and a curse, depending on how you look at the narratives you’ll listen you in the documentary. In hindsight, the movie will explore the story of bitcoin, and how it has managed to evolve through the years with its ongoing promises that crypto is “the future.”

So, whether you’re a skeptic, or you want to learn more about crypto, you’ll get to see both sides of the debate – as a better alternative to regular currency in the future, or a financial disaster in the making. Either way, this documentary will answer any questions that you might have about crypto.

The Rise And Rise Of Bitcoin (2014)

The Rise and Rise of BitcoinEver wondered how cryptocurrency became a thing? Then check out The Rise and Rise of Bitcoin! The film covers the stories of some of the early adopters of Bitcoin, including Gavin Andresen who was famous for communicating directly with Satoshi Nakamoto to help him create better technology. (By the way, Nakamoto is mostly famous for authoring the Bitcoin white paper, and for devising the first blockchain database.

Overall, this movie was one of the major productions to cover the main points, in regards to how Bitcoin and its assets were created to begin with.

The Second Target (2019)

The Second TargetThe Second Target was written by Graham Holliday, and stars Athen Walton. The movie follows a group of local crypto thieves now having their eyes set on their latest target. They kidnap a detective they think is on their case, but end up kidnapping the wrong guy. To make matters worse, the son of the kidnapped man teams up with a stranger, and they plot to stop the thieves’ second heist and save the kidnapped man.

While you’ll be immersed in the action, you’ll be learning the basics of what crypto is.

Trust Machine: The Story Of Blockchain (2018)

Trust Machine understands that almost a decade has passed, since the crypto world has transformed things. Since its existence came to be, many different cryptocurrencies have been created, with a small percentage of them expected to stand the test of time after the dust settles. While some people are still skeptical about the concept of cryptocurrencies, there are some parts of the world where people actually use cryptocurrencies as a way to buy things. However, other places have faced significant problems, as a result of exchanging goods with crypto within the industry.

Crypto (2019)

Crypto MovieCrypto, despite its panning from critics, has garnered somewhat of a fanbase. With a stellar star cast like Alexis Bledel, Luke Hemsworth, and Jeremie Harris, it’s hard to not see this movie. And, with a thriving fanbase, this movie is not only for movie fans, but also for crypto fans. 

The story follows an anti-money laundering agent (Beau Knaff) who reunites with an old friend who’s now into mining cryptocurrency. Now, with a potato farm being on the verge of being repossessed, the two soon investigate a gallery, which may be tied into a multi-million-dollar money laundering scheme. 

It’s action-packed, and it has you cheering for the protagonists as you follow the story from beginning to end.

BONUS: Throwback Movie – Inside Job (2010)

Now, while the film doesn’t directly involve Bitcoin or blockchain, it’s a good appetizer for learning what they are. And, it’s a must-watch!

Inside Job covers the actions that made Bitcoin a household name in the first place. The movie sells the concept as a type of currency that can’t be manipulated, controlled, or corrupted by any government. 

However, the main topic of the documentary involves the late-2000s financial crisis. In 5 parts, the film will cover how changes in the policy environment and banking practices only added more fuel to the fire, rather than stop the crisis in its tracks. 

Critically acclaimed, and winning an Academy Award for Best Documentary, Inside Job will have you on the edge of your seat, as it takes you through the financial crash. All information in this documentary, as well as its controversial topic, are understandable for most audiences, regardless if you know about cryptocurrency or not. 

Conclusion

So, there you have it! That was our list of movies to check out, if you’re in the mood for learning about cryptocurrency. If you want to go down the rabbit hole about the topic, or if you’re in the mood for something different than your usual shows and movies, then head over to Netflix, online, or anywhere where movies are sold, and check out our picks on the best movies about crypto.

We hoped you enjoyed our list, and made it a movie night tonight! As you’ll see in these selected films, they’ll show you how cryptocurrency has changed people’s lives in so many ways than one, and has no plans of stopping. So, get out your popcorn, and take some good notes about crypto! 

Author Bio:

Kristin Herman is a writer and editor at Best essay writers. As a marketing writer, she blogs about the latest trends in digital marketing. In her spare time, she coaches up-and-coming marketers on how to perfect their advertising practices in the ever-evolving market.

For movie crypto movies: Crypto Movie Database

Thank you for reading and sharing this article. We appreciate you.

Stay safe and healthy!

Top 5 Cryptocurrencies 2020

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

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Cryptocurrency Market Wrap

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Crypto news

Cryptocurrency news

Bitcoin hits a new all-time high.

Bitcoin just hit a new all-time high, surpassing the last all-time high of $19,783.21 on Dec. 18, 2017.

According to coingecko Bitcoin hit $19,860 on Nov 30, 2020.


Bitcoin’s attracts Mainstream media

As bitcoin hits its new all-time high, the mainstream media, The New York Times steps forward to cover the news and calls this time the rise is very less of a bubble this time around.


Bitfinex hackers move 5000 BTC in the midst of new highs

The hackers of Bitfinex who stole 119,756 BTC back in August 2016 have just moved 5045 BTC, worth $97 Million, to various addresses as the bitcoin prices reach all-time high since 2017.

A total of 14 transactions were sent as caught by btcparser.com


Venezuelan army turns to Bitcoin mining operations to overcome the country’s failing economy.

“Digital Assets Production Center of the Bolivarian Army of Venezuela” was inaugurated by the Venezuelan army.


No power supply to crypto miners in Yunnan province.

According to the Chinese crypto reporter Colin Wu, most of the miners have reported  that the authorities have passed the orders to shut the power being supplied to the Crypto Miners in Yunnan, which happens to be the third largest mining province in china.


Winklevoss twins on CNBC said that bitcoin is Gold 2.0, and it could disrupt gold.  When BTC reaches Gold’s market cap of $9 trillion each BTC will be worth $500,000.


Michael Sonnenshein, managing partner at Grayscale, says many public companies are adding bitcoin to their balance sheet.

Thank you for reading and sharing this article. We appreciate you.

Stay safe and healthy!

Top 5 Cryptocurrencies 2020

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

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