No lawyers required
Smart contracts threaten legal industry
Now that the open source blockchain known as Hyperledger Sawtooth has gone commercial, there’s no need for lawyers and attorneys to draw up legal agreements and contracts. Your PA or AI assistant can do it for you, online and for free.
Hyperledger is a platform which can run your customized Smart Contract app. Once installed, a smart contract automatically performs routine tasks, like paying the rent, and validating that it’s been received.
Using technology similar to bitcoin, the smart contract monitors the network and will only execute trusted transactions, keeping all the parties involved, in the loop. It’s the ideal way to automate a contract on the internet of things.
Let’s say you want to sell solar power to your neighbours, and buy it back when you need some extra; the sensors and meters tell the algorithm to kick off a debit or credit, and the blockchain tech keeps everyone’s records in sync, so you know who owes what, and it’s automagically self-auditing.
Or perhaps you buy materials based on weight and purity. The smart contract gets the data directly from the machines and updates the shared ledger in real time, so nobody can fiddle the numbers, or dispute the details.
This will save businesses a fortune in back and forth, checking and verifying, when they could be doing something productive, like finding new customers.
You might need a tech specialist to set things up for you, but the best part is: No Lawyers!
Warning: Hazardous thinking at work
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