Technology continues to im on the world of business, allowing innovators and disruptors to flip the on typical business processes. This revolution has also found its way into the system of contracting between parties, in the form of smart contracts. Contracts are often the foundation of any commercial transaction. At its most basic, a contract involves the exchange of an act or promise between two or more individuals or business entities. Self-executing contracts, or smart contracts, have to a large extent automated this process of exchanging obligations, leading many to wonder if within a few short years, similar technology will render the role of lawyers obsolete. What could such a future look like, and what would be the implications for those who currently rely on conventional legal services, and not to mention the mass of lawyers and would-be lawyers daily being churned out of law firms and law schools? Read More
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.