The idea behind contracts is a good one, but now there are apps out there that you can utilize contracts without all the paperwork. The paper work that is used now is extensive and there is just so much of it, but an app could simplify it. A lawyer and an app can coexist, so if anyone is afraid of a contract not doing as well without all the paper work, then they have nothing to worry about.
- For years we have been busy working on the next big thing when it comes to technology.
- Contracts for instance, will require less paper work and can be done on an app, but will we think of contracts in another light?
- Smart contracts and smart lawyers can coexist, it will just take some getting used to.
“This makes the process for entering into contracts more efficient and, in theory, reduces the risk of dispute because the code, applying Boolean logic (if, then, else), will simply execute the parties’ intent without any need for intervention.”