SAN FRANCISCO, April 3, 2019 /PRNewswire-PRWeb/ -- 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-
1. 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.
2. 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.
3. 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.
4. Upgradation - Smart Contracts are deployed on the Main
Network, and its backlogs prioritized.
5. 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 -
1. Legal fees are incredibly high because of the cost of
upholding massive infrastructures of law firms.
2. 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.
3. 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.
SOURCE HashCash