You are here:
shutterstock_1016393917chain-min

Blockchain as The Main Threat for Lawyers

In connection with the rapid development of blockchain technologies, the question of what areas and professions will be affected in the near future is acute. According to entrepreneur and investor Chris Herd, the blockchain will eventually finish off as jurisprudence in the form in which we now know it, as well as in those professions that require accreditation and continuous professional development. The problem is that, nowadays, when people live longer and more and more people want to get a profession in the service industry, there are too many such specialists. Then, machines come onto the scene that, in one instant, can read everything that you have, as well as all the legal books ever written. They remember well all the cases and, at the tips of their electrodes, there is an incredible amount of information that is ready for use with any requirement or request. Blockchain is the Horseman of the Apocalypse that will be the first to come after those who cannot compete. When lawyers and notaries no longer need to certify contracts and contracts, the very purpose of their existence will disappear. Smart contracts will be everywhere and almost instantly replace traditional documents and all remittances will be made through the blockchain, wherever the relevant conditions are fulfilled. Payments on contracts and for deliveries will be made automatically and then the blockchain will update and write to the register all the data important for interested parties. No intermediaries, no disputes – only facts recorded and accessible to all. Any misunderstanding is easy to resolve. One has only to turn to the facts. The need for lawyers will disappear, since a contract of this type will need to be filled in only once and then used for any transaction. Participants will be able to agree on such conditions that are suitable for them. Only when problems arise or the transaction turns out to be particularly difficult, a lawyer may be needed, or it may be possible to use a machine with a memory on which the entire history of global jurisprudence is laid to resolve disputes. Radical transparency will be the main result of the coming revolution. The disappearance of specialists from the chain of these transactions will significantly simplify everything. Conflicts of interest will be eliminated when lawyers have sought to increase the duration or complexity of their work in order to get more from clients. They will have to accept a paradigm shift, which, anyway, sooner or later, will come and the blockchain will force people to take responsibility for their actions. The ability to track how honestly or unfairly you have worked for a long time, in a register consisting of facts alone and without personal interests, will be the largest commercial innovation and it will entail the most global changes.

[ads_pro_ad_space id=”26″ max_width=”” delay=”” padding_top=”” attachment=”” crop=”” if_empty=”” custom_image=”” link=”” show_ids=””][/ads_pro_ad_space]