Topic: Smart contracts and the legal profession (Read 164 times)
Smart contracts will make it possible to make the predetermined consequence of the contract inevitable as soon as all sides agree on that. For instance, if contract is desinged to transfer certain amount of money to another wallet if a particular event is registered, the transfer will happen even if on of sides changes mind.
I've seen people saying that this is possible to be implemented on a large scale to replace the legal industry, but this is going to be something used for VERY SMALL and VERY FEW deals. It's going to be used among the tech / crypto freaks which enjoy this sort of thing. Every day people are going to go to lawyers / do their own contracts with a witness, they're not going to want to get involved with some crazy code online that they don't understand when the traditional ways of doing things work fine for them.
I doubt it makes a dent personally unless we see some CRAZY innovation regarding Smart Contracts.
I doubt it makes a dent personally unless we see some CRAZY innovation regarding Smart Contracts.
The smart contract is providing the convenience of not putting into trust, the donor's property to the trusty but also directly to the beneficiary/descendants.
Wow, a nice analogy you did. Very true, with the smart contracts the idea and motive is to try as much as possible to take out the middleman. The middleman or portal is subject to so many vulnerabilities that the smart contract can take care of. That's the power of blockchain.The smart contract is providing the convenience of not putting into trust, the donor's property to the trusty but also directly to the beneficiary/descendants.
Wow, a nice analogy you did. Very true, with the smart contracts the idea and motive is to try as much as possible to take out the middleman. The middleman or portal is subject to so many vulnerabilities that the smart contract can take care of. That's the power of blockchain.
The smart contract is providing the convenience of not putting into trust, the donor's property to the trusty but also directly to the beneficiary/descendants.
I dont seem to get in real terms the question you are raising but attempting it, it has to do with trust and codification . Smart contract provides the convenience of not putting into trust , the donor's property to the trusty and to the beneficiary but directly to the beneficiary / descendants.
Hi there! Ive thought about this quite a bit...i view smart contracts to be one of the best inventions in a long time. This can revolutionise so much if people adopt it and get creative. For example, imagine it used everywhere for your will and dying testament. What about used in real estate and/or banks for mortgages or similar contracts? Or replacing banks and other intermediates all together which in my opinion is the ideal scenario. They could be used for a lot of good in the world while at tge same time eliminating the need of trust in other people and at tge same time creating trust amongst us since we dont need to trust we dont see why not doing so. Thats another thing, scams can be eliminated or at least well reduced and/or avoided since the contract is public for all to see and we are relying on numbers and not a person. It would have to be programmed to scam you to scam you and youd see that its a scam transparently before accepting it anyway 
What aspects of the legal profession will adoption of smart contracts change, and how?
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