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Miami Court Reporters News: The Tech Behind Bitcoin Could Have Big Impact On Legal Profession

Posted on: February 26th, 2018 by Sfl Media No Comments
Miami Court Reporters

The digital revolution led by people like the Miami court reporters of CourtScribes includes blockchain.

The blockchain technology behind cryptocurrencies such as bitcoin has the potential to shake up the legal profession. It’s all part of a digital revolution led by pioneers like the Miami court reporters of CourtScribes.

From instruments of finance to contracts, tracking commodities, and real estate, blockchain technology has implications that go far beyond bitcoin.

According to Bloomberg:

“You don’t need to be doing initial coin offerings or issuing tokens to benefit from the blockchain,” Judith Rinearson, a partner in K&L Gates’ New York and London offices, told Bloomberg Law. Rinearson is leading an initiative at her firm that aims to eventually build an internal blockchain, which could be used in time-keeping, filing deeds, and handling merger and acquisition transactions, she said.

Blockchain—known as the technology underpinning bitcoin—allows for records of transactions to be kept on a digital ledger and shared by everyone in the network. There are multiple blockchains, and the Ethereum blockchain introduced a feature called “smart contract” that allows coded programs to act upon predefined triggers.

Blockchain technology is now being used to build tools and infrastructure that help lawyers draft contracts, record commercial transactions, and verify legal documents. Two examples of such tools and infrastructure are OpenLaw and Integra Ledger. OpenLaw allows lawyers to automatically generate legal agreements and embed smart contracts that can be executed on the blockchain. Integra Ledger provides a permissioned blockchain to increase the integrity of legal documents.

Those kinds of tools could help reduce time and money spent on mundane tasks.

It’s also part of a continuum of digital changes to the legal profession meant to introduce more efficiency and greater accuracy while driving down costs. The Miami court reporters of CourtScribes are also on that continuum.

CourtScribes delivers both a complete range of standard court reporting services as well as advanced, high value services not available from other court reporting companies. In addition to the certified transcript, CourtScribes provides live & on-demand video streaming of trial proceedings for enhanced trial team support. CourtScribes covers trials, depositions, arbitrations, mediations and hearings.