At its core, a blockchain is a database (“ledger”) that records digital transactions. The ledger is duplicated and synchronized across all computers (“nodes”) in the network. For a transaction to take place on the ledger, the nodes must come to a consensus and verify the transaction. Because the transactions are encrypted, digitally signed, and cannot be altered, the distributed nature of blockchain technology creates intrinsic trust in the network and removes the need for social trust in intermediaries and central authorities. It is this architecture for digital trust that gave rise to cryptocurrencies such as Bitcoin and Ether, but blockchain technology is now being deployed in virtually every industry.
Blockchain in the legal industry can make data more secure, improve interoperability between digital platforms, and creates trusted data. Integra is focused on three foundational services for blockchain infrastructure for the legal industry.