Because world’s data stores are siloed, there is a global data reconciliation problem. Each company and firm uses its own systems, each with its own ID systems. It is common to have dozens of IDs relating to the same legal matter and complete confusion about which version of a contract is the final version or the executed version. Therefore, the exchange of data is cumbersome when it occurs across enterprise boundaries.
This can be mitigated by use of a synchronized immutable ledger, backed by a standards-based API, which issues IDs that can be used as a universal scheme that acts as a blockchain-based “Social Security Number” for documents/data, individuals and companies. The IDs generated from API calls to the Integra Foreign Key as a Service (FKaaS) can used as the glue allowing for high fidelity data sharing across the entire legal landscape.
Integra integrated blockchain with the practice management software Clio. Here, when a legal matter is generated in Clio an Integra ID is generated and associated with that legal matter. Because the legal matter is linked to the blockchain, there is an immutable audible trail of that legal matter. Therefore, two parties can work on the same legal matter using different practice management software. This is possible because the legal matter has a universal ID. More importantly, there is inherent trust in the data.