Smarts contracts? As opposed to a dumb contract? As a licensed attorney and block chain enthusiast this got me thinking. Then it got me doing what we lawyers do best...pontificate. You see, one of the terms I heard when I was practicing law was, "was the matter resolved?" I always thought that agreement was reached but was the problem really solved?
The smart contract may be that solution. According to online sources smart contracts also known as a smart property are computer protocols that facilitate, verify, or enforce the negotiation or performance of a contract, or that make a contractual clause unnecessary. Smart Contracts are self-executing contractual states, stored on the blockchain, which nobody controls and therefore everyone can trust. In a nutshell, lawyers are not needed for the transaction.
Now I'm not advocating that smart contracts will render lawyers obsolete. Just wondering how much value smart contracts can add to free up time and resources. Time and resources needed so lawyers can be part of innovation thus solving bigger problems.
What are your thoughts?
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