Blockchain Business Case
Outline, discuss and illustrate a specific business case where Blockchain technology could disrupt the existing business ecosystem.
Blockchain technology has the potential to disrupt many existing business ecosystems especially within sectors that are heavily reliant on costly paper based records. The legal services industry is one of the few industries which has remained largely unchanged since the dawn of the internet but Blockchain has the potential to drive change in the industry. One specific business case where the use of Blockchain technology has the potential to disrupt the existing business ecosystem is the business of managing and executing an individual’s last will and testament.
In today’s ecosystem the majority of consumers require a solicitor for all ‘last will’ related activities. This includes creating the will, making changes to the will and especially overseeing the execution of the will after the individual has …show more content…
Individuals will still maintain their ‘due process right’ to have his or her day in court but Dixon believes what the Blockchain can do “is make it much easier for a genuine will to be upheld, for a bogus challenge to be dismissed, and for courts to come to factual findings much more quickly.”
So what the Blockchain does offer in legal cases is an improvement in the quality and admissibility of evidence. It changes/disrupts the litigation process. The current process requires a degree of trust in old documents, uncertain signatures, uncertain notarizations and uncertainty over the existence of any subsequent documents such as revised wills. A Blockchain system could remove much of this uncertainty with a consensus-based, decentralized system where wills are deposited, where the identity of the depositor, the time of the deposit and the “original state” of the document are all confirmed and
Blockchain technology has the potential to disrupt many existing business ecosystems especially within sectors that are heavily reliant on costly paper based records. The legal services industry is one of the few industries which has remained largely unchanged since the dawn of the internet but Blockchain has the potential to drive change in the industry. One specific business case where the use of Blockchain technology has the potential to disrupt the existing business ecosystem is the business of managing and executing an individual’s last will and testament.
In today’s ecosystem the majority of consumers require a solicitor for all ‘last will’ related activities. This includes creating the will, making changes to the will and especially overseeing the execution of the will after the individual has …show more content…
Individuals will still maintain their ‘due process right’ to have his or her day in court but Dixon believes what the Blockchain can do “is make it much easier for a genuine will to be upheld, for a bogus challenge to be dismissed, and for courts to come to factual findings much more quickly.”
So what the Blockchain does offer in legal cases is an improvement in the quality and admissibility of evidence. It changes/disrupts the litigation process. The current process requires a degree of trust in old documents, uncertain signatures, uncertain notarizations and uncertainty over the existence of any subsequent documents such as revised wills. A Blockchain system could remove much of this uncertainty with a consensus-based, decentralized system where wills are deposited, where the identity of the depositor, the time of the deposit and the “original state” of the document are all confirmed and