Los Angeles Attorney: Legal Market Crypto

Clients no longer press their fingers on the golden bell, but on the enter button on their laptops. More and more people are looking for everything they need for their daily life on the Internet including legal advice. Digital change is gradually changing the market for legal services but more fundamentally than ever before.

Digital services are standard today. Hiring Los Angeles Attorney online is also becoming increasingly popular.

Hiring Los Angeles Attorney: What is a blockchain anyway and what is it good for?

In short, a blockchain is a distributed database.

If a database is no longer stored on a central server but on a large number of servers, this ensures relatively high hack security. The database is very well protected against external attacks. The big innovation of the blockchain is that predetermined consensus mechanisms ensure that the database is still the same on all servers. This works even with a public database that is located on a large number of servers. It is accessible to the general public.

Hiring Los Angeles Attorney: For which applications are blockchain attractive?

They invented blockchain for trustless transactions. These are transactions between parties who neither know nor trust each other. Yet, they work without a well-known intermediary such as a bank or Amazon. This consensus mechanism built into the blockchain eliminates the middleman. Bitcoin is the mother of all blockchains. It is a currency that you can transfer from person to person without the intermediary of banks.

Hiring Los Angeles Attorney: And how exactly do smart contracts work?Hiring Los Angeles Attorney

The blockchain forms the basic technology on which smart contracts run. Smart contracts are simply automated processes, computer codes. There’s a nice quote: “When smart people hear the term ‘smart contracts, their minds tend to run wild.” However, smart contracts are not complete contracts. They are automated excerpts from contractual relationships.

Using the example of a stock corporation. A profit distribution could be made without intermediaries on the blockchain using smart contracts to be implemented. In addition, you can do billing in this way in the mass sector such as telecommunications or in the energy sector. And if you ever charge your electric car on the street because charging stations are built into parking lots, the billing can be done via smart contracts.

Posted by Lora Kaety in Cryptocurrency