The Veryfile Solution in the Legal Field
In the legal field, one of the greatest challenges law firms face is the increasing number of electronic documents received and how to properly maintain these files. Legal documents are habitually left in lawyers’ inboxes, absent an effective way to link physical files with electronic files to keep a complete record of a matter. Firms constantly create, duplicate, revise, and print documents and lose track of the originals. Generally, these documents are highly sensitive, thus, requiring extensive security measures to ensure that the information contained in the document stays private and organized. However, many firms lack the proper security measures to ensure that the information contained in confidential documents stays private and adequately stored. They also lack the capabilities to locate and determine where the various versions of their documents are and who has reviewed and made changes to them.
Veryfile delivers a solution to these problems. It offers a single platform that allows users to store and send confidential legal documents on the blockchain. The platform allows users to track any transfer, ownership, verification, and signature of any document contained on the platform. Cybersecurity is a challenging issue that faces all law firms and constantly needs to be up to date. Without proper cybersecurity measures, firms risk their client’s confidential information falling into the hands of hackers and other unintended criminals. Veryfile combats cybersecurity issues by storing sensitive documents on a blockchain instead of using a single server like most file storage companies. Hackers would have to breach every individual node on the blockchain simultaneously in order to gain access to the information, which is nearly impossible. Therefore, storage on the blockchain is the safest and most secure means to effectively retain confidential information and documents.
The Veryfile platform also uses smart contracts in order to automate the creation and execution of documents and contracts. A smart contract is computer code that contains a set of rules that parties agree to abide by in order to complete a transaction. Upon the completion of said obligations by the parties, the agreement is automatically enforced and executed. Smart contract code facilitates, validates and administers the performance of an agreement or transaction. This type of decentralized automation poses a common misnomer in the legal field that smart contracts will inevitably rid the need of lawyers to facilitate a business transaction. However, if firms adopted smart contract technology, this would give them a competitive advantage in the legal field. A lawyer’s draftsmanship of a complex contract is an asset that will never be able to be replicated by smart contracts, however, for more simplified boilerplate agreements, smart contracts have the capability to promote efficiency and cost-effectiveness within a firm. Integrating Veryfile’s platform and use of smart contract technology can easily automate the creation of various legal documents and company procedures. To streamline processes for lawyers even further, Veryfile allows its users not only to store and keep track of their documents on one interface but to also access messaging services, email, voice call and video call all in the same platform.
There are many factors to consider when selecting the right file storage platform for your organization. For law firms, particular concerns should be cybersecurity, cost-effectiveness, efficiency, ease of use, and accessibility. Veryfile encompasses all of these attributes and will be the first decentralized ecosystem to assist law firms in confidential document management and communication.
For more information, please visit: https://veryfile.io/