The use cases of blockchain and smart contracts have now found a new expanse in legal aid and services. Leading this way is Rocket Lawyer, a reputed firm providing affordable legal services online.
Empowering Legal Aid with Technology
An average attorney, in the U.S or U.K, charges anywhere between $200 to $300 an hour. Such expenses can be a huge inconvenience for a startup entering the market or for a middle-class couple filing for divorce. Fortunately, technology has empowered businesses and people in all the streams; and legal aid is one of them.
Rocket Lawyer, a firm with its origins in the U.S, offers to provide legal services to small and medium businesses, divorce settlements, and individuals navigating the pane of legal issues. More importantly, using technological measures, it renders online legal aid such that it is simple, accessible and affordable to medium-sized businesses as well as individuals. Currently, it delivers its online legal aid services in the U.S, Europe, and Mexico.
Rocket Lawyer Moves Onto Blockchain Technology
Since the firm’s inception in 2008, it has gained insurmountable popularity and success. Currently, it has drawn over 20 million subscribers seeking legal services on its platform. This includes offering legal solutions to over 150 different procedures online by connecting the customer with quality legal personnel.
Further, after receiving significant success as an online platform extending affordable legal aid, it’s now expanding to a new realm. Using the schematics of blockchain technology, it now strives to deliver legal contract execution and alternative payment methods. And rightfully so!
Millions of vital documents are generated each year while offering legal services online using the internet. The efficient storage of these contractual papers according to the key elements still remains a pain-point. Moreover, issues of dispute resolution, manual error, and repetitive paperwork are huge concerns that remain to be dealt with. Using blockchain technology, it becomes possible to tactfully handle such concerns.
Blockchain-Enabled Legal Services
Rocket Lawyer has partnered with Consensys, a leading firm in the course of blockchain, and Open Law to further provide legal services using smart contracts atop this technology.
Smart contracts are basically a program that facilitates automated actions when certain predefined conditions are agreed upon by the involved parties. As compared to our conventional legal binding contract, such contracts can provide multiple advantages. These include minimizing human errors, faster processing, removing unnecessary paperwork, and improved efficiency even while managing hundreds of clients.
Furthermore, the collaborated firms, using ethereum blockchain, will also provide innovations like automated dispute resolution and identity management, thus improving the privacy and security of its customers. Also, by deploying blockchain-enabled legal agreements, Rocket Lawyer intends to reduce friction in the legal procedures and make its services further accessible and affordable to the masses.
Rocket Wallet: An Efficient Payment System
The Ethereum-based smart contract project involves a tokenized system to facilitate the execution of smart contracts. This includes securing payment transactions and simultaneously increasing the security for customer’s information. Rocket lawyer with collaboration from Consensys and Open Law leads this development, known as Rocket Wallet, of integrating blockchain with legal transactions.
Rocket Wallet is a way to ensure trust in legal contracts and payment transactions. The wallet, used for storing funds and making payments, acts as the puzzle piece of a smart contract. It uses a ‘stablecoin’ cryptocurrency that will be stored inside the party’s wallet until the contract terms are satisfied. The ‘wallet’ is basically an escrow account. The funds of which are activated when the conditions coded inside a smart contract are met.
By providing this one of a kind cryptocurrency wallet, backed by blockchain, the firm is opening up new scalable models in the field of legal aid. Using the rocket wallet, it now becomes possible to have solutions like digital dispute resolution and self-executable terms and conditions. The possibilities are endless.
Concluding Remarks
With the rapid rising scale, blockchain and cryptocurrencies will play a huge role in our futuristic world. Moreover, modern innovations like smart contracts can offer substantial value to services like legal aid. Rocket Lawyer, by leading this space, is truly paving the way for others to follow.
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