LegalBox harnesses the power of blockchain technology to offer a user-friendly platform that ensures the integrity, accessibility, and automation of legal documents and e-contracts.
Read More about AiThority Interview: AiThority Interview with Brian Steele, VP of Product Management at Gryphon.ai
The integrity of legal documents plays a pivotal role in ensuring justice is served and the rule of law is upheld. In the Malaysian courts, the principles of trust and authenticity are vital when it comes to integrity of documents and agreements.
To address such concerns, stringent measures were introduced to verify the credibility and legitimacy of legal documents presented within the Malaysian judicial system. Various advanced techniques have been adopted to ensure the authenticity of legal documents, embracing cutting-edge technology to enhance the trustworthiness and authenticity of legal documents.
In a significant breakthrough, LegalBox, an innovative legal depository, has launched its platform that leverages the robust security of blockchain technology to store legal documents. This groundbreaking service is the result of a collaborative effort between renowned legal firm, Messrs. Chew Chang Min & Partners and EBRIC Malaysia Sdn Bhd.
A pioneering tech startup utilising blockchain technology, EBRIC’s mission is to address the issues of authenticity and centralisation by incorporating cryptographic algorithms and immutable timestamp to provide an added layer of security and validation.
LegalBox provides a secure and efficient means of authentication and document management, ensuring that the integrity and origin of the documents are kept intact and unaltered, thereby minimising the risk of tampering or fraudulent activities.
According to Yap Yoke Har, co-founder of Messrs. Chew Chang Min & Partners, LegalBox transcends mere solution status and stands as a groundbreaking revolution.
“Our platform bestows upon professionals, organisations, and individuals the transformative power to proficiently govern and retrieve documents while harnessing the unassailable fortitude of blockchain technology. This monumental paradigm shift redefines the conventional realm of file and paper storage, an impervious shield against fraud and tampering and rendering the plight of lost documents obsolete.”
Electronic documents stored on Legalbox are admissible in court as they comply with government regulations, specifically Clause 3 of the Evidence Act 1950 (EA), mitigating any legal issues that may arise in the future.
“LegalBox is a testament to our unwavering commitment to trust and authenticity. In the realm of law, the question of authenticity has fueled endless debates. But now, with LegalBox, we’re rewriting the rules. We harness the enduring power of blockchain technology to ensure that documents remain genuine and secure. Gone are the days of endless disputes, heated debates, and feisty arguments. LegalBox is here to pave the way for a future where authenticity is unquestionable, giving you the peace of mind you deserve,” said Ng Shijie, the CEO of EBRIC (Malaysia) Sdn. Bhd.
LegalBox ensures that electronic documents are safe from loss or alteration and that they can be retrieved even years after they have been stored without the user having to worry about the documents being lost. It provides the subscriber with the blockchain hash that demonstrates the date that the particular electronic document was deposited, as well as any changes that were made to the particular electronic document; everything that is stored on the blockchain is immutable.
For example, if a person’s will is stored in LegalBox, the b********** (who could be a member of the deceased person’s family) need only provide a certified true copy of the death certificate issued by the appropriate department. The testator’s account would not be accessible until this verification was completed. Family members can search for a personal account using the National Registration and Identification Number (NRIC). However, if they have a corporate account, they must contact the account administrator to gain access to the electronic documents.
AiThority Interview Insights: How to Get Started with Prompt Engineering in Generative AI Projects
Using LegalBox provides a plethora of potential benefits. Even in the event of a natural disaster or other unexpected event, account holders can be confident that they will always have access to a copy of any important work or sensitive information stored in protected documents.
Legalbox storage management assists organisations in streamlining workflows by providing corporates with centralised storage that is also organised and collaborative. As a result, the resources required to work with and store physical paper documents are significantly reduced. Instead of allowing ill intentioned hackers to seek profit from valuable confidential information by emailing sensitive data back and forth, LegalBox is the way to store the legal information on a decentralised, distributed ledger append only feeds, which increases data integrity.
LegalBox supports the transformation of the legal landscape by simplifying legal processes and improving efficiency for individuals and businesses. LegalBox is not just a solution but a revolution, empowering professionals, organisations, and individuals to effectively manage document storage and retrieval, leveraging blockchain technology to ensure immutability.
Latest AiThority Interview Insights : AiThority Interview with Michael Schmidt, Chief Technology Officer at DataRobot
[To share your insights with us, please write to sghosh@martechseries.com]
Comments are closed.