Although the possibility of disruption of businesses does exist and will undoubtedly be watched for going forward, smart contracts, which enable entities to share valued items in a business transaction, minus the need of an intermediary agent, has many people in the business world alert and interested.
Not likely to widely replace lawyers any time soon, smart contracts nonetheless have many potential and immediate areas of use, including in the area of royalties disbursement, power of attorney agreements and property sale resolution, in every case making the process much speedier and more streamlined.
- Although bound to be useful in a number of ways, it’s much too soon to envision smart contracts eating away at the widespread need for lawyers.
- Smart contracts could speed up and make more streamlined a large number of small legal business transactions that usually need an expediting agent, besides proving lengthy and sometimes thorny.
- These transactional areas, where smart contracts could assist, might include property sales resolution quests, power of attorney problems and royalty disbursement issues.
“Blockgeeks define smart contracts as instruments that help users exchange money, property, shares, or anything of value in a transparent, conflict-free way while avoiding the services of a middleman.”