Blockchain and Law World

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Gavel and electronic devices. Regulation of blockchain.

Blockchain technology offers many exciting developments and opportunities for many industries. Since the blockchain existed, the sector that has been mentioned the most with this technology is the banking and finance sector. Of course, the cryptocurrency phenomenon born with Bitcoin also has a big impact on this.

But as time went on and bright and clever minds around the world focused on working on blockchain technology, the blockchain was very useful in the banking and finance industry as well as in other sectors, and has the power to start a new era. Sectors such as logistics, food, real estate, and retailing are among the sectors that show great interest in blockchain technology. The leading global giants of these sectors devote serious resources to blockchain technology compatible infrastructure and R&D studies, as we see in the news announced to the public every day.

The law industry has not yet met with blockchain technology closely. The first reason that comes to mind is that it is a bit heavier, conservative and skeptical of innovations, by nature. Zira law can advance at the speed of both the judiciary and legislative forces that created and applied it, and the academy that interpreted and analyzed it. However, law is not only a science, but also a very large and important sector in the economic system. In this respect, just like other sectors, there is no possibility of turning its back on the innovations and possibilities required by the time.

In this context, the world of law has now started to hear the name of blockchain technology. Blockchain technology is increasingly coming into contact with law every day, both in new events and problems that come before law, and in the work of lawyers working on the theory of law. In this way, lawyers, academics and other elements in the world of law began to think about what benefits and innovations blockchain technology can bring to the legal sector.

It is certain that blockchain technology will cause major changes in the legal sector. For example; Smart contracts, which are a blessing offered by blockchain technology, are candidates to completely change the contract patterns and procedures that humanity has used for thousands of years. Thanks to the approval and security mechanism offered by blockchain technology, “reliable document” production and use can be realized in a much faster and cheaper method, different from the old methods. Blockchain technology is almost impossible to undertake notarial services almost entirely.

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These changes, the things I talk about, soon remain next to the camel. Because blockchain technology is playing to make even bigger changes. In the world of law, discussions are now being held on opening and executing the case files using blockchain technology, conducting hearings and all trials within the scope of these files and concluding the proceedings. No doubt that the legalization of law, the muscular and skeletal system, of digitalization, speeding up, cheapening, and most importantly independent of the space, will open the door to radical changes in the legal sector. Even such a major change is conceived by some revolutionary innovations even in the field of political and legal philosophy and theory. In addition, blockchain technology can provide the effective use of international arbitration and jurisdictions that the globalizing world has been in need of for many years, and the development of international judicial opportunities.

It is also worth noting that with the integration of blockchain technology with the bureaucratic system, considerable reductions in workload can be achieved on the legal system thanks to the processes that accelerate, become cheaper and become much safer. Because of the many errors and losses arising from the obsolete methods of the bureaucratic system, tens of thousands of new legal business are on the shoulders of the legal system every year. With blockchain technology, this chore can be lifted from the shoulders of the legal system.

I do not even need to mention many secondary benefits, such as the use of crypto money as a means of payment within the legal sector. It should not be difficult to predict the contribution of the financing of legal service on a global and national scale by cheap, safe and fast methods to the functioning of the law and the economy.

Nowadays, when we are stepping in on the brink of a new era, the law world first falls on states, then public and non-governmental organizations operating in the world of law, and ultimately we jurists. For this, it is necessary to think and work more multidisciplinary.

So, are we ready for this transformation as the world of law?

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