Tag Archives: Blockchain

Smart Contracts Are Taking Over Functions of Lawyers

After reading about how a partner in one of the biggest and most prestigious international law firms was busted by an undercover US Federal Bureau of Investigations (FBI) agent for trying to garner Bitcoins in a corrupt transaction from a Silicon Valley tech company, it’s likely you won’t feel sad about smart contracts beginning to take over certain functions of lawyers. You might even secretly thank Ethererum’s co-inventor Vitalik Buterin, for it.

Buterin explained, “All transactions under Blockchain come with auditable trails of cryptographic proofs. Rather than simply hoping that the parties we interact with behave honorably, we are building Blockchains that inherently build the properties in the system, in such a way that they will keep functioning with the guarantees that we expect, even if many of the actors involved are corrupt.”

Reference: https://cointelegraph.com/news/smart-contracts-are-taking-over-functions-of-lawyers-expert-blog