In many ways, electronic communications dominate the world as we
know it. We "talk" through email, text, and social media,
to the point that the written letter is almost an anachronism.
Still, some areas still thrive on paper. Real estate, for example,
depends on paper deeds and documentation to confirm authenticity.
Similarly, many corporations depend on paper records to demonstrate
regulatory compliance. But blockchain is helping to change all of
technology that made Bitcoin work is expanding, in Israel and
beyond, to help secure online processes and chains of custody in
ways that can help shift paper-dominated fields into the 21st
When contracts determine payments or other actions, they operate
inefficiently. Before you move funds, you have to confirm
conditions have been met, organize your information, and perform
Smart contracts use blockchain technology to change this. Once
information is entered, you move through the conditions required
and the contract auto-updates. You can even update a
smart will without creating a new will for every change. You
complete everything more efficiently, using a cryptography-secured
function that prevents problems the paper processes cannot.
Similarly, bureaucracies exist to create layers that protect
information and ensure fairness and accuracy through process.
Blockchain saves time and money by building this in electronically.
Imagine a system that once required 12 forms, signed in triplicate
to allow a decision to become implemented.
Blockchain technology creates a mechanism by which this process
plays out online, all through secured processes. You need not worry
about tracking down every person in the chain when something has to
be done quickly. Rather, you move forward quickly and efficiently
without losing any of the fail-safes in place.
In Israel, you must move through the Land Registry Department,
or Tabu, to purchase and
register real estate. The property world remains a bastion of
paper processes in an electronic world. But the legal functions
that have long necessitated paper documentation can adapt to
blockchain technology. It creates the security that paper has
always done, but with a process that is efficient, transparent, and
public. To sell or purchase property, this option can vastly
improve on the time currently required.
Blockchain technology is exploding in Israel, with new startups
and applications emerging constantly. To learn the ways in which
you can navigate the legal landscape in the face of all this
Barnea & Co.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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