Bitcoin technology is having an impact on legal practice

In addition to its wide application in the financial and payment industries, Bitcoin technology is also having an impact on legal practice. Legal practice generally refers to lawyers providing legal advice to clients, drafting legal documents, and conducting legal negotiations and legal proceedings on behalf of clients.

It is worth noting that this also means that Bitcoin technology has been recognized by those law firms and lawyers.

Bitcoin in the legal world: easier said than done

A Bitcoin company based in the impoverished country of Honduras in America has announced that it will use Bitcoin technology to resolve local land ownership issues.

But it is not easy to apply blockchain technology to it. Take the following situation as an example:

Suppose A is the merchant and B is the buyer. If B feels that he has bought a low-quality product, he usually cannot resort to legal means. Why? This is because A's information is anonymous. And if seller A decides to use the Tor network, then the situation will be further aggravated because his IP address is almost impossible to trace.

Listen up, lawyers! If a lawyer understands blockchain technology and incorporates it into arbitration institutions when they draft documents, through smart contracts, these problems will be solved to a certain extent.

Leading financial institutions such as Goldman Sachs or Nasdaq have spent millions of dollars researching Bitcoin technology, and for them, they are more interested in the underlying protocol than the currency itself.