A big share of the value provided by the legal industry operators is based on creating and enforcing trust between different parties. Legal professionals provide that required trust by advising their clients on various risks and then drafting contracts to minimise said risks and making sure each party fulfills their agreed part in any single transaction.
Blockchain allows us to build legally binding contracts that self-execute parts of or whole transactions when mutually agreed conditions are met. Smart contracting will become a new norm in establishing many legal acts with the added benefit of relying less on trust-enabling intermediaries.
Blockchain technology can be applied to contracting, intellectual property rights management, recording and transferring ownership of assets, signing and verification, certificates and even providing proof of events in litigation.