• March 29, 2024
 Is Your Business Ready For The Blockchain Revolution?

Is Your Business Ready For The Blockchain Revolution?

Today’s world is increasingly digital. We are living in a time of constant change – not least when it comes to consumer expectations – and with this change comes new challenges that require new ways of working. Let’s face it, our communications, media, entertainment and business interactions are increasingly paperless, so why should will writing and estate planning be any different?

But, despite the pace of transformation, many in the industry remain reluctant to adapt; even though new solutions already exist to help will writers and lawyers thrive in this brave new world.

Nevertheless, with the creation and consumption of data showing no signs of slowing down, we simply cannot ignore the digital revolution.

The choice for law firms and will-writers is clear: get on board now or quickly fall behind.

Welcome to the blockchain revolution

Imagine a world where it is possible to transfer assets and eliminate contractual disputes? To securely and confidentially establish trust between two parties with built-in accountability. Well, that world is already here. And it’s powered by blockchain.

Web 3.0 – otherwise known as the new internet – uses technology that is smarter and more intuitive. Where the next generation of applications and data are connected, and you don’t need a trusted third-party (e.g. a bank, lawyer or tech company) to ensure privacy and security.

As we come to the end of 2018, we are on the verge of Web 3.0 and only just beginning to grasp its full potential. However, what we do know is that blockchain will be crucial to this new era.

But what exactly is the blockchain?

The blockchain (also known as a distributed ledger), is a growing record of information. No centralised version exists. Instead, data is stored in blocks, and these records are duplicated thousands of times across a group of linked databases.

If anyone makes a change or adds a new block to the chain, everyone is notified, and all parties have to accept the change. So, once entered into the system, there is no possibility of records being altered or falsified, and this makes blockchain incorruptible by cyber criminals. It’s like two-factor authentication on a shared Google doc, but on a much grander scale.

Initially devised to help run bitcoin transactions, the world is now finding other potential uses for blockchain technology. Today it can be programmed to record, not just financial transactions, but almost anything of value.

Blockchain and estate planning

The fact blockchain is extraordinarily secure, even by bank standards, makes it attractive for storing information and documents in digital-vaults. But the possibilities are much more exciting than that.

You can send payments, create next-generation smart contracts, and digitally sign and store legal agreements in a highly secure manner. Blockchain also establishes the integrity of the documents, making verification easier. So it securely and confidentially creates trust between two parties with built-in accountability; while providing everyone with transparent access to the information they need.

For example, blockchain technology has the capability for blockchain to create a will which lists beneficiaries, assets, executors etc. And because of the public nature of blockchain, this will cannot be lost or changed. What’s more, beneficiaries and testators are represented by a crypto-address, protecting the privacy of everyone involved. As such, blockchain can be used to validate wills, eliminate disputes, and ensure the more efficient distribution of assets.

If that wasn’t enough, experts predict that blockchain will soon be able to help create real-time wills. By linking the technology with other forms of digital information (e.g. a marriage, death, birth or divorce), blockchain-enabled real-time wills could be automatically updated to reflect changing circumstances.

The end-to-end execution of a will to probate may not be here yet, but the reality of this idea is not far off. And the implications for the legal world are massive. So, for estate planners and will-writers, the potential disruption to the sector cannot be underestimated or ignored.

How far away is the Blockchain revolution?

Blockchain is not science fiction. This ground-breaking development is already starting to revolutionise the way our government and the legal system operates. For example, HM Land Registry is already exploring using the technology. Furthermore, the UK government is investing over £10 million to support blockchain projects.

Indeed, for anyone that wants to succeed in our digital age, it’s vital to embrace rather than run away from blockchain technology.  Not least because the market is flooded with Generation Y – or Millennials – who are now between 20 and 35 years old and are the most powerful consumers in history. Their expectations and influence are unique, and you must be armed with the tools necessary to meet them.

How can you expect to win and keep customers if you don’t give them what they demand?

Start your digital revolution today

The truth is, we live in a time where we can no longer afford to be passive spectators when it comes to the evolution of technology.

To thrive, you must be aware of what is happening, create a culture of innovation, and use digitisation to your advantage.  As Charles Darwin said “It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is most adaptable to change”.

But you don’t have to do this alone. Every journey starts with a single step, and by finding a supplier that can deliver the technology you need, you can put your best foot forward and transform the way you service your clients.

A specialist provider when it comes to estate planning software and transformation, at Arken we understand the challenges will-writers and estate planners face when adopting new technology. So, we don’t just provide you with the very best digital tools; we also keep you informed and ahead of the curve.

The blockchain revolution is here. Together we can make sure you are ready for it.

Arken.legal

https://arken.legal/?utm_source=TWP&utm_medium=partner%20page&utm_campaign=Arken%20homepage

  Transforming the global estate planning industry through advanced technology Arken.legal provides expert digital solutions for the private client and estate planning industry. Its solutions deliver business efficiencies and consistency across a practice, while enabling client acquisition through an improved customer experience. Built by private client solicitors, Arken.legal products are used by more than 500 firms including Legal practices, Accountancy practices, Will writers and Legal services businesses in the UK, as well as Trust companies in South Africa, Australia and New Zealand. With 29 years' experience and more than 6 million Wills having been created using its products, today Arken.legal is a software as a service business offering secure, cloud-based solutions. The Arken Product Suite Businesses are turning to technology to enable change, increase efficiency and futureproof their incomes to suit upcoming generations and demand. The Arken product suite is designed for just this – to maximise productivity, provide interactivity and lead generation, and manage risk. It can suit any business process – whether instructions are taken virtually, in an office, remotely or via telephone. For increased efficiency, reduced re-keying and a delighted client, book a demonstration today to find out how we can help your practice. Key Services Arken Professional: A comprehensive, up-to-date and secure document generation solution built specifically for the Private Client Sector. Built by lawyers, its industry-leading software has produced over 6 million Wills. Arken Professional is the only software solution specialising in Wills that is accredited by the Institute of Chartered Accountants in England & Wales (ICAEW). All the products on this scheme have satisfied a robust technical evaluation and are from companies that are financially sound and offer strong customer support, giving you that extra peace of mind. Arken Intestacy: The new way to increase leads and grow your business remotely.  A handy customisable tool for your website that demonstrates the circumstances if your prospective client were to die without a Will – they can then fill in their details and ask for you to help protect their estate. Arken Online Wills: A secure, online Will service. Will packs – which include a client’s Will, a Will commentary, and signing instructions – can be sent to the client immediately or reviewed before delivery. Arken Acquire: A digital fact find and lead generation tool. A tool that captures data from your clients, which is then used in the drafting of key estate planning documents. Simply email a link to your client and they can input key information that seamlessly flows into Arken Professional for drafting. Arken Lifetime: Create Inter Vivos Trusts in a fraction of the time. Trust Referencer: Get the latest on tax treatments and specific Trusts. Access the most up-to-date information to generate a personalised report for your clients, outlining the tax treatment that are relevant to both Testamentary and Inter Vivos Trusts. Arken Anywhere: The power of Arken on-the-move. Access an offline version of Arken Professional that will synchronise with your account once you’re back online. Arken API: A seamless transfer of data and reduction of re-keying. Details shared between your case management solution and Arken Professional.       Dave Newick, Chief Executive Officer of Arken.legal, said:
“We work in partnership with our clients to understand their key processes and provide the most efficient digital solutions for their Private Client business. The industry has begun its digitisation journey – it’s time to consider the best route within it for your business. Can you use technology to be more adaptable, more engaged, to provide a better customer experience? Can you use technology to automate low-level tasks, enabling you to focus on what really matters? It’s time to take the digital leap and benefit from the efficiencies it provides.”

          Testimonials Sophie Yates, Director, Fodens Solicitors Limited
“Arken is an absolutely fantastic tool. It is extremely easy to use and has helped our practices in Will drafting to a huge extent. I could not be without it now. I would recommend to any legal specialist looking to invest in Will writing software. Very cost effective too.”
Gemma Garen, Director of Quality and Compliance, Ellisons Solicitors
“We did a careful review of available solutions and chose Arken, as it has a very user-friendly and intuitive user experience, helped us with an improvement in our working practices, introduced time efficiencies and facilitated our ability to standardise our processes and mitigate our risks. The support team at Arken are excellent – very responsive and invested time to understand our needs. We had extensive support before and after going live. Arken is very easy to use, the templates are consistent and we have reliable support.”
Craig Webb, Head of Legal Operations, Brethertons LLP
“…Our staff have found Will drafting in Arken very easy to use and enjoy the questionnaire format which guides them through the process from beginning to end. It is very reassuring to know that our lawyers are all following the same process, producing Wills with a good level of consistency and that all clauses used are up to date. Preparing ‘mirror’ Wills is now particularly easy using Arken, and the systems’ intelligence to amend third person singular pronouns (he, she, his, hers), has eradicated these type of typographical mistakes. We have recently added Arken Acquire to our subscription and are looking forward to the further streamlining of our processes that this service can offer.”
Matthew Field, Director, SMR Solicitors
“We have found Arken to be a valuable tool for our private client team in terms of efficiency and consistency and we would highly recommend it to law firms looking for a professional solution.”
Eric Britt, Executive Consultant, Integrity Wills & Legal Services
"I have been using Arken Will writing software for a number of years, and have found it excellent, and easy to use. The support from the office has been exceptional whenever I have needed it, with a quick response and great patience at times. I would certainly recommend the software and also the company without any hesitation."
Contact Details
Address: Arken.legal (UK) Limited General Wolfe House 83 High Street Westerham Kent TN16 1PG
Tel: +44 (0)1732 867792 Website: www.arken.legal
LinkedIn: arken-legal
Key Contact
Name: Bethany Crease
Tel: (0)1732 867792
Email: bethany.crease@arken.legal
Arken.legal sponsors Today’s Wills and Probate Industry Champion Award