A US court made history by granting Celsius Network permission to deliver legal documents via NFT airdrops.
The landmark ruling opens a new door for blockchain to modernize legal processes. Celsius, the crypto lending platform, has faced massive legal challenges over the past few months.
The groundbreaking decision now allows the platform to serve court documents via non-fungible tokens. NFTs as a method of service of process will revolutionize the way documents are officially delivered to involved parties.
Legal documents are traditionally served through mail or in-person delivery. However, the new method uses blockchain technology to speed up and simplify the process. Celsius can now use NFTs to airdrop its document tokens to specific addresses, making sure every involved party gets the required legal notices.
NFTs, or non-fungible tokens, are virtual assets stored on a blockchain network. That is why they are ideal for tracking ownership and identifying the legal document’s recipient.
Celsius can prove that legal documents are delivered with traceability by airdropping. Moreover, the process is transparent and secure compared to most traditional methods. It has the potential to reduce costs, administrative burdens, and delays.
The ruling is a huge shift toward blockchain’s integration in traditional industries, including law. Experts and legal professionals are already exploring how blockchain can unify different processes, including document verification and record-keeping.
The case can also serve as a precedent for other companies looking to merge blockchain in legal operations. However, despite the decision being deemed innovative, there are lingering questions about NFTs’ applicability in the legal landscape.
Some experts even worry about the future legality and accessibility of document-sharing via blockchain, especially if the recipient is unfamiliar with the technology. Regardless, the ruling has set the stage for more experiments in the intersection of blockchain and law.
