How blockchain technology might be utilized in the legal system in the future, and what's stopping it from being used now.
Introduction
Blockchain technology is perhaps one of the single most significant byproducts of the emergence of cryptocurrencies. Blockchains today are primarily used as ledger systems to keep track of transactions made and also provide multiple mechanisms to ensure that data regarding these transactions is not tampered or revised in any manner. Ethereum, an emerging blockchain platform, is built with a blockchain that allows for Turing complete scripting, this enables users to design and store almost any type of smart contract in the blockchain. Forbes recently wrote an article about How Blockchain Technology Could Change The World, in it they write a "recent World Economic Forum report predicts that by 2025 10% of GDP will be stored on blockchains or blockchain related technology." The legal system can definitely benefit from this emerging technology - imagine a world where document counterfeiting is a thing of the past, where people can use cryptographic hashes as proof of document ownership in the court of law.
Current Advancements
Organizations such as BlockSign already enable users to utilize the blockchain to verify signed contracts. The timestamping feature of blockchains also provides information of exactly when a document was signed. Decentralized organizations that utilize blockchain technology such as the DAO enable members to vote on possible actions the organization should make. Similarly, a futuristic blockchain based democratic government could allow the voting of government officials to be done through the use of blockchain technology.
A Large Hurdle to Overcome
Today, the greatest barrier to the proliferation of blockchain technology is public awareness. The vast majority of the public and lawmakers do not understand the benefits of blockchain technology which often requires an explanation of cryptocurrencies as well. Many lawmakers are still skeptical on the true value and viability of cryptocurrency and until this changes, the adoption of blockchain technology will indeed face resistance. As established corporations such as Microsoft, and IBM invest more of their time and effort into blockchain technology, hopefully the government will eventually take notice and follow their leads.
Conclusion
Blockchain technology has definitely got a long way to go before it is adopted by lawmakers and the legal system, but when and if that day comes the world will benefit from a more transparent and ultimately more secure establishment.