The concrete applications of Bitcoin Proofs in Legaltech

Low angle on a courthouse

This post is part of a series explaining the benefits of Bitcoin proofs in legal departments. Check the previous article here.
In this one you’ll se how Bitcoin proofs can be useful for many fields within the organization

Simplify customer/supplier relationship

In customer-supplier relationship, products or services sold are accompanied by many documents in various forms. Invoices, quotations, terms of use -with their corresponding mutual agreements- are kept on both sides and usually serve to protect business participants from future litigations.

However, those documents are rarely secured, so, when litigations appears sometimes years later, it often ends up with one’s word against the other’s. Using Woleet technology to impose the creation of a Bitcoin proof for every interaction involving such documents could establish a trust climate between participants, making impossible to contest any past agreement.

Bitcoin proofs and intellectual property

Bitcoin proofs are very useful to protect intellectual property. To prove anteriority of any work or research, at every step of the creation process. Creations can be protected without revealing anything to anyone. Many companies already use Bitcoin proof to propose a new vision for intellectual property management. A great example is Blockchainyourip who provides a powerful tool for IP asset management.

Proofs of compliance

The cost of compliance can be cut spectacularly when it comes to prove one company’s good faith regarding declarations needed in some regulation environnement. Heavily regulated industries need to provide detailed informations concerning multiple fields of the company’s business to regulators. It could be applied to personal data (GDPR), food traceability, healthcare data, chemical components, financial and tax data etc. With this technology it’s possible to address compliance with simplicity, and organize real transparency to regulators, again, without compromising confidentiality or privacy.

Human ressources

Human resources management involve a lot of contracts and agreements between the company and its collaborators. Those documents can be secured with Woleet technology to protect both parties and simplify the way organization manages HR workflows.

Check the first article of this series explaining the benefits of Bitcoin proofs in legal departments “What is the legal value of Bitcoin proof?”.

Next week: what are the differences with traditional trust solutions?