Benefits of Blockchains on Electronic Discovery
Many industries have benefited a lot by the emergence of technology. For example, the education system is another beneficiary of the technology because, through the Internet, there is a lot of information that the students get to benefit them. In a setting of a business, for instance, there are many benefits to accrue from the technology, for example, marketing of product and services can be done using digital technologies such as online marketing. However, other companies nowadays can transact businesses using the online money, it is not as safe as it may sound. For long time now, there has been a lot of research done by many people, trying to figure out ways of reducing technological frauds and amazing discoveries being done.
Blockchains is one of the technologies that has affected many industries. One of the explanations that many people can understand is that blockchains is associated with visual money such as Bitcoin or cryptocurrency. Therefore, blockchain is a decentralized, digitalized public ledger of all cryptocurrency transactions. One outstanding characteristic of the blockchain is that the information contained in there cannot be deleted from the public ledger. Law firms have been affected a lot by the discovery of the blockchain. Discussed below are some of the benefits of blockchain on the electronic discovery.
One of the tiring things about the law practice is the fact that you have to find a lot of evidence to prove your case. If you keep on losing many cases, you will not get the client and that is very dangerous for a lawyer because for some situations, there is not enough evidence to prove that the firm took place especially with electronic money. With the new technology, especially with the blockchains, when transactions get into the public ledger, they cannot be deleted which is a great way of getting the evidence.
It is also beneficial to the clients that hire lawyers to present them for different cases especially when it comes to the price of hiring lawyers. It is only on the client because lawyers charge for the effort and the time they used to search for the evidence but with the public ledger, the evidence becomes easy to get hence reducing the overall cost of hiring a lawyer.
Today there are companies that are helping businesses in adapting the blockchain software and that is inexpensive for a law firm. For example, cicayda are ediscovery experts including professional such as aaron vick that helps law firms to focus on legal workflows, software and analytics.