Business & Blockchain Law Firm

Blockchain and Related Distributed Ledger Technologies

As one of the leading technological innovations in the last decade, Blockchain and related distributed ledger technologies promise to transform the way we do business and change the methods we use in storing and transferring data. Blockchain is now making huge strides into the mainstream because of its revolutionary applications. 

This new technology goes far beyond digital currency or cryptocurrency. Right now, multiple industries have lately discovered the utility of blockchain and now continue exploring its other potentials. For instance, blockchain is now starting to be a catalyst for positive change in real estate, media, healthcare, human resource management, financial services, retail, manufacturing, etc.

Real Estate

You can now conduct transactions with the introduction of Blockchain-based smart contracts that allow real estate assets to be tokenized and traded like crypto. This development can transform local and foreign real estate investment activities by cutting off middle-men, speeding up processes, increasing liquidity, and protecting participants from fraud. Here are some other benefits of blockchain in the real estate industry.

1. Simplification of the processing of the deals –The blockchain’s introduction in real estate will lead to a more natural administrative process and lessen processing time for all involved institutions.
2. Fraud mitigation and faster transactions – With the blockchain, all the deals in the real estate — be it sale or rent — could be implemented through ‘smart contracts,’ digitally signed agreements. Smart contracts include terms rooted in the transaction so that payment can only be taken as long as they meet the contractual conditions.
3. Boost liquidity because of tokenization – Tokenization of real estate will allow buyers to purchase fractions in properties all around the world. Therefore, we expect that with tokenization, expensive property owners will be able to sell their assets free of “urgency” premium quickly.
4. Transferring of land titles – The technology has the potential to cut the usual lengthy process of recording and transferring titles significantly, with the additional transparency. With the execution of the distributed ledger, it will be able to operate the ownership transfer and record digitally.
5. Removing of intermediaries – Agents, notaries, appraisers, — processes in real estate are typically associated with the entire bunch of intermediaries. Blockchain will be able to eliminate the overwhelming part of these intermediaries.

Media Industry

Blockchain has the potential to strengthen intellectual property protection and registration. Through blockchain and other distributed ledger technologies, you can now use smart contracts for the creation and enforcement of IP agreements and allow payment transfers to IP owners. 

Content micropayments – Pay-per-use consumption could become attainable thanks to blockchain-powered micropayments. The ability of blockchain to keep a comprehensive record of its information could enable more precise tracking of when and how people consume copyrighted content.

Getting rid of content aggregation – Blockchain’s decentralized structure could allow content creators like writers or musicians to distribute their work to consumers directly, bypassing traditional distribution channels and leaving a significant revenue share for content creators themselves.

Royalty Distribution – Smart contracts created on a blockchain and linked to a specific piece of music could add accuracy, speed, and trust to the process by implementing contract terms and conditions automatically among entitled parties. It would enable quicker royalty payments, more precise tracking of a song’s consumption, and more transparency over contract conditions and the division of revenue among stakeholders and artists.

Consumer-to-Consumer Sales – As with the improved tracking of music consumption, blockchain could authorize other types of content owners to maintain better supervision of their copyright 2019 material.

Healthcare

Blockchain can establish a decentralized record system to authenticate, track, and ensure the confidentiality of medical records. The stability of the record is also a quite exciting innovation that could prove to be very useful. If we were to execute blockchain technology in our healthcare systems, once the network added the data to the chain, it’s not easy to delete the data. It is crucial since it would rule out tampering with medical records entirely, which is one of the most significant problems in the medical industry.

It can also store data on disease outbreaks to improve the efficacy of controlling diseases and disaster relief and response. We must note that we can also use blockchain to administer patient incentive programs. The Blockchain technology can be effortlessly adapted and applied to award patients for performing assigned tasks like reporting their health conditions, doing regular check-ups, etc.

Human Resource Management

As blockchain strengthens data storage and securities, HR departments will have no need to worry about storing and protecting sensitive information relating to finance, salary, health insurance, etc. This new technology can also speed up employment screening, improve verification of digital identities, and enhance audit checks.

Here are other impacts of Blockchain in HR Management.

• It enhances cybersecurity and fraud prevention in HR, including both contractors and employees.

• It boosts productivity, such as by automating and lowering the burden of data-heavy processes like payroll and VAT administration.

• It manages cross-border payments and mobility of employees, which includes tax liabilities and international expenses, with the potential for organizations to build their corporate digital currencies.

• In turn, it gives individuals a comprehensive, trustworthy blockchain-based record of their skills, training, education, and workplace performance.

• It verifies and assesses the skills, education, and performance of potential recruits, which will allocate those recruits to the most appropriate roles.

Financial Services

Blockchain-based financial platforms provide an efficient, secure, and transparent way of delivering financial services, such as insurance and investment funds, to individuals and businesses. This new technology can optimize the tracking of financial transactions, increase compliance, and strengthen protection from fraud.

PAYMENTS – We can use blockchain technology in both domestic and international transferring of funds.

REMITTANCES – There are already several companies that are performing blockchain-based international transfer services. They authorize money to be wired from one international individual’s bank account to another individual’s account. Because the operations are peer-to-peer based and encrypted, no one can interfere with it due to its security.

TRADE FINANCE – Automated transactions are vital to trade finance since it will benefit the financial services industry to make significant savings after introducing blockchain solutions. The use of smart contracts to automate clearing calculations and approval workflows will help lessen processing times and allow banks to considerably decrease the number of employees required for this task too.

PAYMENT GATEWAY – Whether we like it or not, technology such as this will force banks to take on a significant change from traditional computer systems to blockchain-based payment gateways. 

Retail

With the use of digital currency, you can now trade goods and services without the need for a middle-man. Aside from Bitcoin and Ethereum, there are other types of virtual coins and token that you can use as modes of payment in exchange for goods and services.

Tracking counterfeits

The mass production of counterfeit products in today’s world, retailers, and brands are frequently burdened with accurately identify such products and offer authentic products to the consumers. Again, with blockchain that links the points in the supply chain, retailers can validate the authenticity of their products and the sources, whether they are new or old.

Tracking inventory

Blockchain technology helps retailers have better tracking of their stock products and shipments accurately since the inventory is visible at each point of the supply chain.

Organizing customer information for targeting adverts

Blockchain fulfills retailers’ urgent need to customize ads and services without relying on a primary server that might enable hackers to steal data or misapply it to target users. Retailers can now utilize the blockchain for replacing the current open-bidding ad systems and instead target users based on data stored on their devices, thereby guarding the privacy of the customers. It promises to make the ad data industry more protected.

Manufacturing

The manufacturing industry is channeling its investment in a Blockchain-based platform that can optimize recording, tracking, and distribution of goods within a supply chain. Such a platform is also expected to increase collaboration on prototyping and proof-of-concept.

Despite the growing utility of Blockchain technology, this new development will inevitably present new legal challenges that our law and regulatory institutions need to address. In this case, attorneys with the right expertise are what your company needs to analyze new legal developments in blockchain and related distributed ledger technologies and guide you on how to use these DLTs to your advantage without getting tangled in legal problems.

Red Road Legal is one of the leading blockchain law firms in California with expert blockchain lawyers that have experience working for different industries like real estate, retail, and finance, where they use Blockchain technology. We offer our clients legal advice concerning policy, litigation, consumer protection, privacy and data security, and other business operations and projects in connection to distributed ledger and blockchain technologies.

Whether you are an entrepreneur, owner of a big business, or an individual investor with an eye on innovating your business and who needs guidance in protecting your investment, Red Road Legal is here to lend a hand in realizing your business goals.