Connect with us


Can Blockchain Technology disrupt Law?



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.

Are Smart Contracts legally binding? READ HERE


Access the main article: Blockchain Technology and its impact on various industries

Thank you for reading the article.

Want to guest post?

You can submit guest posts to Cryptotapas to get your articles published here. Click here to Guest Post. 
Subscriber-Banner-smallIMPORTANT 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.

Buy us a Coffee: Keep information FREE. We do not sell what we research. A small tip from you can help us bring you more content like this for FREE.
BTC: 37kJr9PodRHzsG5u1ZfKkfYpHFSZrS8s9n 

If you are thinking to open KuCoinKucoin Referralaccount, please consider using our referral link.


6 Massive Benefits of Cryptocurrency



Benefits of Cryptocurrency

It is normal to be hesitant about using cryptocurrency as the medium of financial transactions. 

There is a school of thought which believes, it is a domain suitable for criminals, fraudsters, and terrorists. Cryptocurrencies allow them to maintain anonymity for discreet transactions and ransomware scams.

However, the increasing acceptance of Bitcoin as a digital currency has initiated a positive perspective around this mode. It brings a distinct set of pros for the users, making them overlook the risks tag along.

According to the Finder, a post on social media surfaces about Bitcoin every three seconds. If we do the math, it means 1203 posts pop up per hour, making it to 20 posts per minute.

A more general view on the crypto landscape speaks of its overall growth, too. Block Social tells us how cryptocurrency exchanges around the globe have exceeded 300 during 2020.

In fact, the success of crypto shows us the loopholes of the traditional banking system. If you, too, want to leap on this bandwagon and aren’t sure about your next move, this is the right place. Our blog sheds light on the positive aspects of cryptocurrency that make it a more established form of financial trade. 


1. Easy transactions

When dealing with brokers or legal representatives, you have to pay the transaction fee from time to time. This comes along with immense paperwork, commission, brokerage charges, and so much more. Using cryptocurrency eliminates the need for a middle man. The transaction changes into a one-to-one affair taking place on a secure network.

No wonder Forbes stated that adopting blockchain technology can save financial organizations around $12 billion yearly. A deduction of extra charges from third parties and reduced operations cost is saving millions for huge organizations.

Moreover, the transactions are transparent, making it easier for you to establish audit trials. There is no more confusion over who pays whom. All parties involved in the transaction know each other quite well. Accountability on each party grows.

2. Asset transfers

A financial analyst rightfully describes cryptocurrency blockchain to be a “large property rights database.” On the one hand, it helps execute and enforce two-party contracts on commodities such as real estate and automobiles. At the same time, it also facilitates special modes of transfer. 

As per Born2Invest, Bitcoin alone is responsible for an average of 350 000 daily transactions on the Blockchain. Meanwhile, Coinbase has 30 million cryptocurrency users (Block Social). The increasing figures of each crypto speak of its acceptance worldwide.

The parties involved in asset transfer can design contracts and add third-party approvals at a later date. It also helps to reference the external facts and gives the parties exclusive governance of their account. It reduces the time and money involved in asset transfers. Perhaps this is why US federal government spending on Blockchain shall reach $123.5 million by 2022.

3. Confidential transactions

Cryptocurrency purchases remain discreet. Unless a user voluntarily publishes his transactions, the purchase is never associated with their identity. In official scenarios, such as when you put your cars for sale, the parties must reveal an association with their cryptocurrencies. It helps to establish trust and relevance.

Within the cash/credit system, your entire transaction history turns into a reference document for the banks/credit agencies involved. On the contrary, cryptocurrency is a transaction that is a unique exchange between two parties. They can negotiate and agree on preferable terms. The information exchange takes place on the “push” basis. This means you transmit only that which you wish to send to the recipient and nothing else.

It keeps your financial history secure and guards you against identity theft. Chances of which are quite high under the traditional transaction system. 

On top of this, the combination of Blockchain with IoT is considered revolutionary by the experts. This has accelerated data exchange, lowering the operation costs, and improved the security of files. Your Tech Diet predicted that 75% of the IoT industry would adopt Blockchain technology by the end of 2020. Lack of exposure is, thus, something the entire industry is looking for.

4. Transaction Fee

You have probably faced hefty monthly account statements from your bank/credit companies. The transaction fee charged at every transaction you have made might leave you shocked. The whopping fee of multiple transactions can take you by surprise at the end of each month.

In the case of cryptocurrency exchange, the data miners receive their share from the cryptocurrency network involved. Transaction fee does not apply as the remote and separate computer systems that do the number-crunching get a pretty fair share. 

According to Investopedia, the Bitcoin reward for miners halves for every 210 000 blocks added to the chain. Nonetheless, this system has freed the transaction parties to pay the fee, making it the most feasible. 

However, there might be some external fee involved if you engage a third-party management service to maintain the crypto wallet. These charges are likely to be quite less than the transaction charges levied by the traditional banking system. 

5. Hold Ownership

The traditional banking system works in a manner where the amount goes to the nominee if a person passes away. The chances of the account closing are quite high when you infringe the terms of their services. Unlike this framework, digital currencies give you the sole ownership of private and public encryption keys. This makes it easier for you to identify the encryption network.

6. High security

Once a party authorizes the cryptocurrency transfer, they cannot reverse it. This is not the case in “charge-back” transactions allowed by the credit companies. Cryptocurrency gives you reliable encryption throughout the transaction process to keep it protected from bugs and malicious entities.

Systems like Binance Smart Chain are enabling people to do more with BTC.

Final Thoughts 

Cryptocurrency is taking the financial world by storm, and we know the reasons why. It is about time you kickstart your digital finances journey and make the most out of it. Who knows what surprises are about to come later in this landscape!

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

Stay safe and healthy!

Top 5 Cryptocurrencies 2020


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.

Continue Reading


Cardano or PolkaDot? Which One to Invest In?



Cardano vs Polkadot

There is a new battle in the crypto space.  Cardano (ADA) and PolkaDot (DOT) maximalists are headbutting as to which project is better and why.

The conversations are intense to say the least and we will try to provide our view on which one we are leaning toward and the reasons why, in this rather short article.

Just to be clear, we are invested in both ADA and DOT so we have a vested interest in both projects, however, we are now asked to pick one over the other and that brings us to this article.


The whole spirit of cryptocurrencies is the concept of decentralization, however, some of the more popular projects don’t seem to have a grasp of what that means.

Diem (previously Libra) or XRP etc., are controlled by a group for validators who could, in theory, easily collude, in our view.

With DOT, things are not as centralized as some other projects with about 1000 validators securing the platform.

However, ADA has the most number of nodes and has most of its circulating supply staked on its wallet. The community behind ADA has biggest proponents of decentralized frameworks.

ADA: 8 (top 10 is reserved for BTC)

DOT: 6


Cardano boasts the maximum number of Ph.Ds on its team and has a more decentralized team structure.  You have teams that are working exclusively on wallet and staking while you have other teams focusing on interoperability. Yet, another team is focused on bridging projects from Ethereum to Cardano.

DOT has the ammunition of Gavin behind it. He is undoubtedly one of the brilliant minds in the space. 

However, as we learned in basic math, sum total is always greater than an individual unit.  This applies more aptly with these projects. In our opinion, Cardano has a greater edge when it comes to collective human capital.

Having Charles Hoskinson helps ADAs impression.

ADA: 8

DOT: 6

Social presence

There is no competition when it comes to social presence and engaging the community when it comes to the leaders of these two projects.

While DOT’s founder Gavin might come out as eccentric and polished in the social media, Charles takes the cake in engaging with his audience and making things sensible for the community.

ADA: 9 

DOT: 7

On a mission

Whenever you hear Charles speak about ADA you will immediately understand that he is on a mission to bring the marvels of blockchain enabled financial services to all corners of the world.

Cardano’s team is now focused on the South Africa continent to bring the under-previleged onto the world commerce through their platform. They are even close to signing a contract with Ethiopia government in 2021.

While DOT is catapulting the entire space forward it just lacks the same charm that comes with a project on a grandiose mission.

ADA: 8

DOT: 6 

Miscellaneous considerations 

Market cap: ADA has $20 Billion market cap while DOT has $19 Billion, as such they are on par with each other when it comes to valuation. The large cap is a stamp of approval from the crypto community.

Price: ADA is at around 60 cents while DOT has been stabilising at $20 at the time of this writing. When the newbies come to the market and they see they cannot afford Bitcoin or Ethereum, they will most likely go after the projects that are under $1. This does not mean DOT is inferior, it is just an edge that low priced tokens have over higher priced projects. It’s just a newbie mindset that drives higher demand during bull runs to lower priced projects.

Inflationary supply

DOT has an inflationary supply model while ADAs supply is capped.

Yes, DOTs supply is far larger than DOT, however, there is no new minting on ADA when compared to DOT.


DOTs technology is operational and is onboarding projects already.  ADA is scheduled to launch its mainnet this month (Feb 2021). ADA has been in works for many years now and if their product matches the hype and the wait – then it may not matter as much that they are late to the party. However, if there are issues with their mainnet – it may not bode well for ADA.

Conclusion: Total score

ADA: 33

DOT: 25

If you are a DOT fan you might think this score is skewed.   If you are an ADA fan you might think it should score perfect points in all fronts.

In fact, there are some areas where DOT is a clear winner like having a functioning platform. ADA, in our opinion, takes the prize with clear fandom, gigantic mission and a total brainiac project. 

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

Stay safe and healthy!

Top 5 Cryptocurrencies 2020


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.

Continue Reading


Best of the Best YouTube Channels to Follow for your Crypto Fix



Best Crypto Youtubers

There are literally 100s of crypto-experts on YouTube who claim to have cracked the secret code that can make you millions in crypto riches. 

Who should you follow?  

We have followed many YouTubers, subscribing and unsubscribing to avoid the noise and after having been in this space for over 4 years, we have narrowed our favorite crypto YouTube channels to just a few.

In this article, we will show you our favorite YouTubers and what we like about each one of them. 

Overall number 1: Coin Bureau

coin bureau When it comes to deep analysis, composed demeanor and outright professional crypto channel in the entire space, we have not come across anyone better than Guy.  

Not only is he great at the reviews and in depth analysis, if you have followed the channel long enough you will realize that he reviews the gems long before others pick on the momentum.  

He picks solid projects, never shills a shitty project to his followers and is upfront about his views which he backs up with solid research.

This is the best no-shill and no bull crypto channel on YouTube in our view.

Best original content: Chico Crypto

chico crypto review

If you love a bit of quirky, goofy and somewhat out there viewpoints on the crypto space then there is no one better than Tyler at Chico Crypto. 

His investigation stretches the boundaries of research (and sometimes common sense) but he does do a bang up job on every video.  

I am yet to come across a boring video on this channel.  I will admit that his live streams can be a drag sometimes but his followers seem to relish his presence.

You may not like or agree with what Tyler presents on this channel but you will absolutely be floored by the originality.   

Best TA: TIED: Crypto Capital Venture & Tyler S

                         Crypto Capital Venture Tyler S crypto

With under 90K subscribers at the time of this writing, Dan may not be the most popular of the Crypto channels [yet] but his TA analysis is just so easy to follow.

Dan makes it easy for non-technical folks to understand what’s going on in the market in the language of TA.

There are other folks on YouTube who are good at TA but their videos are so obnoxious that they leave you with a massive headache.  

Not Dan’s Crypto Capital Venture channel.   Dan walks you through the markets in such a calm, composed and professional manner that you might start caring about those candles.

We are forced to share the Best Title for crypto TA on YouTube with Tyler S. 

Tyler’s expertise on TAs is quite awesome and he has a funny way of delivering it too.  

Best expertise on the markets: Alessio Rastani

Allesio RastaniIt doesn’t matter if you are just lurking around the crypto markets or if you trade in the traditional markets…Alessio is one of the best guys on YouTube for great insights into the broad market and its impact on Crypto.

While everyone on YouTube (not the people on this list, of course) is either quick to FOMO or FUD, Alessio is just grounded in fundamentals and technicals.

When you are high on FOMO, he can bring you to the ground.

When you are getting buried in FUD, he can lift you up with facts, not false hopium.

Alessio is personable, professional and an honest guy to follow to understand the markets ahead of others.

Best round up of the market: AltCoin Daily

Altcoin DailyWant to stay up-to-date on what’s happening in the crypto space but don’t have time to keep up?  

Fear not. AltCoin Daily got you covered.

This channel is just a gem among the channels that bring crypto market updates in a concise and palatable format.

You can sense the dedication in the way Austin brings the updates and his opinions in front of his audience. No wonder the channel has recently hit over 420K subscribers.

Best humble and honest take: Crazy 4 Cryptos

Crazy 4 crypto

What does Crypto mean to you?

Most people will say ‘Freedom’, yet, most of the YouTubers we see on the Tube will be broadcasting from their bedrooms or backyards (nothing wrong with that) but not Dave.

He has been in Thailand and streams his videos directly from the beach.

You will immediately connect with his simpleton style and honest reviews.  

He has been touting about Theta when it was trading in cents and now those who followed him are very happy.

Besides Theta, Dave talks about a lot of topics in terms of storing your coins, being careful with people and how to have a long-term plan in space.

Honorable mentions

Team Underground (TA)

We had too many channels to weed out for the TA category and that is why we had to pick two winners, however, Team Underground is a channel we cannot skip.

This underdog channel has been more right about the calls than any other mainstream channel. If you like your TAs and technical side of crypto – be sure to check this channel out.


People either love him or hate him.  There is no middle ground when it comes to BitBoy.  

Personally, we have to weed out a lot of noise while browsing through his channel since he picks a new project every few days (or weeks) and can become overwhelming. 

However, the fresh content is worth the watch.


The guy behind this channel is truly vested in the space. So much so that he recently launched his own crypto project.

It’s definitely refreshing to see the YouTuber taking his expertise into a live project.  

The reason we did not list this channel on the BEST list is because of the constant feed of projects he pitches that is a bit overbearing for our taste.  

Nevertheless, a great channel and great recommendations.


There are 100s of YouTube channels out there but not everyone is worth your attention. We hope you found some channels of interest through this article.

Note: if we missed any gem of a channel, please let us know and we will be more than happy to add it after review.

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

Stay safe and healthy!

Top 5 Cryptocurrencies 2020


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.

Continue Reading