If you look around the corner, sometimes you are surprised at what you see. That’s why its good to attempt to forecast what you may have to deal with in life, work, and any situation. In the world of legal counsel and the value of lawyers, some are being absolutely blown out of the water by what’s happening with blockchain smart contracts.
What is a smart contract? A smart contract is something new, as you can expect which is replacing the need for lawyers to exist in some situations regarding work contracts and payouts of money based on agreed performances.
Wikipedia states: “A smart contract is a computer protocol intended to digitally facilitate, verify, or enforce the negotiation or performance of a contract. Smart contracts allow the performance of credible transactions without third parties. These transactions are trackable and irreversible.”
These third parties are typically lawyers because nobody wants to be liable for these arrangements to work smoothly, except the lawyers. With this new technology, programmers have seen the light, moved towards it and achieved groundbreaking success with incredible precision. The programming they have enabled with such cryptocurrencies as Ethereum, Bitcoin, Stellar & Lisk are testing many new methods to perfect this new achievement. There may be a time period of testing the water, but this will progress like the tides of time we typically see in a harbor. Tides can come very quickly and unexpectedly if they aren’t considered.
So what does this mean for the old dogs of the legal world who are still working on pen and paper for customer payouts? Get on the train or watch it leave the station. As in any circumstance, I am constantly considering the saying “Never be the first or last person to get in on a new thing”. I then ask myself, where do I fit in into that equation? And how will smart contracts shape this essential industry to business? Time will only tell.
By Ross Macdonald – CryptoCulture Magazine Inc. 2018