A few months back, Professor Aaron Wright at Cardozo Law School of Yeshiva University in New York opined that: “A lot like how Bitcoin and Ethereum and these other projects have forced us to reexamine how value gets transferred, [Blockchain Business] is also going to force lawyers to think about how they actually construct their commercial relationships, for their clients and for society at large.” This is an incredible testament to the power of Blockchain technology that now finds applications in fields as diverse as finance, engineering, medicine, and even in contract law.
Blockchain Business, the next disruptor for Contract Law:
Blockchain technology is the new disruptor for the 21st Century. Just imagine, if in mid-fifties, you were told that the internet is going to be the lifeline for humanity – no one would have accepted it. Similarly, today Blockchain Business is becoming the foundation for all the above-mentioned fields – the contract law. And, it is poised to be the 21st-century life-line for humanity.
The current applications, notably in Finance and Supply chain, are underpinned by the original Bitcoin platform and revised Ethereum format that allows the coders to integrate both. A salient offshoot of this technology is the Decentralized Autonomous Organizations (DAO), a technology that is being embraced by the legal profession with zest. An immediate use for this technology is in ‘Smart Contracts. According to Nick Szabo; “they represent a series of coding that introduces clauses in the contract so that assets are released if and only if predefined conditions are met.” This autonomous verification process embedded in the smart contracts has several advantages. It offers a Blockchain Business -based verification process that is immutable and verifiable – even in the most trustless environment. The process is also irreversible. So, once the execution of the ‘Smart Contract,’ is initiated, it can not be reversed or stopped.
The universal acceptance of this technology is albeit difficult and will take time to embed it in every contract possible. This is a situation, where the technology is far ahead of the laws that can govern it. However, many a giant – international law firms and banks have embraced it and have invested heavily in it. Undoubtedly, it will find use in other areas of law ranging from patent infringements, notary services, IPO and ICO offerings, and albeit Real Estate practice.
At Platinum Trading Institute (PTI), we take advances in Blockchain Business very seriously. They are not only exciting but just like space-age era or Internet age, they are expected to change the face of humanity over the next twenty years. Unquestionably, this opens a completely new segment of trading/investments from which our mentees can benefit immensely.
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