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Lawyers are now using NFTS?? How Blockchain will revolutionise our legal systems

A couple of years ago who would have thought that digital JPEGs would play a role in our legal systems? They would have called you crazy. Well, today the High Court of England and Wales granted an order which enables one to serve court proceedings as an NFT.

I know what you’re thinking, but don’t just take our word for it, read the press release from Giambrone & Partners LLP here.

I will quickly bore you with the specifics. D’Aloia’s digital assets were stolen by some unknown parties through fraudulent brokering, the assets were traced down into 5 different digital currency exchanges. Therefore, the court's first order allowed a ‘worldwide freezing injunction’ to be delivered as an airdrop in NFT form into two digital wallets held by the unknown parties. Furthermore, the court also granted an order that allows digital currency exchanges, such as Binance, and, amongst others, permission to hold onto clients' digital assets as constructive trustees.

The use of blockchain technology in legal systems will soon flourish

I know these changes aren’t exactly groundbreaking, but if NFTs are accepted by the courts of England and Wales, a globally renowned legal infrastructure which has shaped the world, then it won't be too long til other jurisdictions do the same. It is likely that we will see more and more cases such as this that enable parties to recover stolen assets by utilising blockchain technology.

However, this is the tip of the iceberg, so much more is possible.

The legal industry has been big on technology in recent years, constantly pushing for innovations to streamline legal processes. Therefore this could spark a whole new wave of blockchain innovations in the industry. If NFTs are recognised by prudent lawyers and judges, other industries will be sure to follow suit, and we will see more diverse use cases of blockchain technology in our legal system.

However, more generally, this ruling gives much more security to people who use blockchain technology, as it facilitates the use of the legal system to recover stolen digital assets, something that was considered nearly impossible. This legal protection for users of blockchain technology should in theory improve the confidence of people looking to enter the space.

To learn more about how Web 3 will affect the law, and for ways you can capitalise upon it please get in touch


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