Similar to FinTech, LegalTech or LawTech is an industry that uses technology and innovation in the legal sector. Blockchain and smart contract technology can support the legal sector by, for example, securing document storage.
Late last month, the Law Commission issued its advice to the U.K. government on smart contracts for legal application. The authors believe the current legal framework in England and Wales is ready for technological solutions such as smart legal contracts. In the U.K., smart contracts are already often applied to conventional contracts, so they may soon become an integral part of standard legal practice.