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With the advent of web 3.0, metaverse and other platforms, blockchain tech has skyrocketed. Big companies have started crypto transactions for goods and services. New cryptocurrencies are constantly forming, and law firms have opened virtual offices and are offering crypto transactions.
Blockchain technology is a part of legal tech, and most, if not, all corporate legal departments use them from e-signature to blockchain-based arbitration, it is everywhere. The smart contracts, contract managing applications, have reduced the workload of legal professionals while maintaining the safety and security of the transaction between the parties.
While the blockchain technology shows promising signs of growth, the speculations dub it the technology with no owner. Regardless, industries across the globe are constantly moving to capture unchartered territory through blockchain and crypto. The legal industry is no different. However, known for its restrained approach, the legal industry, especially law firms, has taken new and upcoming tech with a tinge of seriousness.
To better understand the stride it is more important to understand blockchain and crypto, although used interchangeably, these terms confuse the readers. In the article we will not be discussing the difference between the two but our focus is to understand the usage in the legal industry.