HP analysis: "The Technology Behind Bitcoin Could Replace Lawyers, Too"

[yeponlyone]

Some excerpts in an Hewlett-Packard analysis called "The Technology Behind Bitcoin Could Replace Lawyers, Too."

Smart contracts promise to relieve businesses of the costs and lag-time of corporate legal work. This software-based change could affect services firms everywhere.

Everyone has heard the hype about Bitcoin, but the real promise of the technology behind cryptocurrencies is smart contract management—that is, legally binding agreements that execute themselves through software.

In Bitcoin, the contract is the transaction itself: one party sending another funds. But in commercial banking or investments, smart contracts could execute unknowably complex contingencies based on the terms of the contract, all in real-time, with total transparency to the agreeing parties.

If that sounds fast, then it’s warp speed by comparison to the management time for human lawyers, accountants, consultants, and bankers, many of whom bill small fortunes by the hour.]Everyone has heard the hype about Bitcoin, but the real promise of the technology behind cryptocurrencies is smart contract management—that is, legally binding agreements that execute themselves through software.

In Bitcoin, the contract is the transaction itself: one party sending another funds. But in commercial banking or investments, smart contracts could execute unknowably complex contingencies based on the terms of the contract, all in real-time, with total transparency to the agreeing parties.

If that sounds fast, then it’s warp speed by comparison to the management time for human lawyers, accountants, consultants, and bankers, many of whom bill small fortunes by the hour.

Source and full text: https://ssl.www8.hp.com/hpmatter/issue-no-5-summer-2015-idea-economy/technology-behind-bitcoin-could-replace-lawyers-too



What impact can an article like this from HP have for research within the corporation and the wider adoption in society with a time-span of a few years...? It's written in their internal paper so executives are likely to see it. HP has more than 300,000 employees.

[dballing]

I had this thought a year ago... rofl! Not only lawyers, but we can get rid of accountants as well.

[gentlemand]

Looks like the only future proof skills will be blockchain expertise.

[commandrix]

Oh c'mon. You know it'd be amusing to see a Judge Judy court case that hinges on information in a Blockchain application. But seriously, it would not be a bad thing if we could have applications for contracts and most legal documents that would make about 2/3 of lawyers obsolete.

[Kprawn]

It could replace some of the tasks done by some lawyers, but there are more than enough other tasks they could still do in the field, that Bitcoin cannot replace.

You heard the joke about the man and the women, who got into heaven. They were old school friends and they had a long term love interest when they were still alive, but they never pulled the trigger to get

married.

When they got into heaven, they met each other again, and decided to get married. They asked one of the Angels to find them a priest, to seal the deal.

The Angel returned after a month and finally found them a priest to marry them. They lived the happy married life for 3 years, but things got weird and they decided to get divorced.

They found the same Angel, and asked him, if he could find them a lawyer, to finalize the divorce proceedings.

It's been 1000 years, and the Angel is still out looking for a Lawyer in heaven...    Forever is a long time, when you are in a unhappy marriage.