The current generation is accustomed to operating in a digital world, and this especially relevant to the new crop of young entrepreneurs. Owing to the endless avenues opened up by the internet, their businesses have access to foreign lands as well. This has created a demand for quick, reliable, and cost-effective legal solutions built on cutting-edge technology that can live up to the high expectations of an ambitious market. California-based software development company, HashCash Consultants has taken an out of the box approach to address this issue by its arsenal of blockchain solutions to the legal sector.
Blockchain Services Provided by HashCash Consultants to Streamline Legal Procedures:
The traditional legal system with its time-consuming, paper-heavy, and expensive processes has become an impediment to the growth of the globalization of new enterprises. Blockchain, especially the implementation of smart contracts, is an apt alternative to physical lawyers that not only reduces operation time and cost but also effectively nullifies any margin of error generally seen in manually done procedures.
The benefits of the Blockchain Solutions Provided by HashCash Include-
- Gathering the requirements of the industry to aptly deploy its blockchain products – This entails understanding and analyzing the pain areas, and studying and recognizing the business idea to infuse in Smart Contracts. Documenting technical GDPR compliance requirement and developing a product roadmap are also highlights of in this set of services.
- Technical Designing – The team of experts at HashCash draw up Smart Contracts definition documents, creates data flow diagrams, design technical architecture and create sprints and delivery milestones for their clients.
- Deploy Smart Contract on Ethereum – HashCash takes up the responsibility of the complete production of Smart Contracts which includes developing Smart Contract structure at Alpha and Beta Levels, and completing candidate release before the final launch.
- Upgradation – Smart Contracts are deployed on the Main Network, and its backlogs prioritized.
- Technical Support – The blockchain company provides online technical support, offline support in specific areas, and adds new technical features over time.
What Are Smart Contracts?
A smart contract is a computer code running on a blockchain that facilitates, verifies, and enforces the negotiation or performance of an agreement or transaction. If and when the pre-defined rules are met, the agreement is automatically enforced. It effectively makes the role of unnecessary intermediaries and related costs and biases obsolete.
Drawbacks of the Traditional Legal System:
Just as the process of executing them, a large chunk of the constitutions of most nations are outdated. The bureaucratic legal industry has proved to be slow in keeping up with the digitalization and globalization movement.
The key factors holding back this progress are –
- Legal fees are incredibly high because of the cost of upholding massive infrastructures of law firms.
- The course of closing a case goes through multiple layers of intermediaries involved in the process of legal services provision. Partners, juniors, associates, interns, paralegals all make up a part of this hierarchy.
- The reluctance to adopt new technology to ease the manual processes which are laborious and repetitive has led to immense backlogs which often take years to clear.
Advantages of Decentralizing the Legal Infrastructure:
90% of the citizens of the United States feel that the cost of legal services if beyond their affordability, and believe that automation could significantly bring down the expenses. The decentralized technology of blockchain not only cuts costs by automating several legal processes, but it also enhances the trust factor by using smart contracts as an escrow for payments.
Raj Chowdhury, MD of HashCash Consultants, says, “The influence of globalization can be felt in the evolution of the legal market which necessitates the adoption of new legal service delivery models. Tech law firms will soon play a bigger role in the sector and access to fully automated legal services is not far away. We aim to push the boundaries of blockchain applications while we are still at the cusp of a big infrastructural revolution of the legal industry.”
Blockchain technology has proved its revolutionary impact in the finance sector in 2018 and is well on its way to optimize the efficiency of the legal industry with its slew of advantages.
About HashCash Consultants:
HashCash Consultants started as a Blockchain Consulting Company in California. Today, HashCash products enable enterprises to move assets and settle payments across borders in real-time using HashCash Blockchain network, HC NET. Financial Institutions use HC NET for Retail Remittances, Corporate Payments, Trade Finance, and Payment Processing. HashCash also runs the US-based cryptocurrency exchange, PayBito and the leading Cryptocurrency payment processor, BillBitcoins.
HashCash offers cryptocurrency exchange and payment processor white label solutions, comprehensive ICO services and customized use case design and development. HashCash propels advancement in the field of blockchain through the Blockchain1o1 program and its investment arm Satoshi Angels.