The advent of Blockchain 2.0 and Blockchain 3.0 has given rise to new ways of automation using Bitcoin’s underlying technology. There are special cryptocurrency platforms like Ethereum, Rootstock, Counterparty, Lisk and more that allows people to create smart contracts on the blockchain. These smart contracts enable automation by allowing developers to set trigger conditions. These trigger conditions are certain prerequisites, when met, will execute the function programmed on the smart contracts.
The smart contracts are now being implemented (in experimental stages) by some of the major banking and financial institutions including stock exchanges. Apart from the financial sector, there are numerous applications of smart contracts as well, like crypto-will which is a self-executing will and last testament on blockchain that is triggered once its creator is dead, or land registry, rights management and more. As more and more operations lean towards automation using smart contracts, it becomes necessary to ensure the integrity of these smart contracts as well as the platform on which these contracts are created.
Hackers Are the New Lawyers
Until now the agreements and other important documents were drafted and verified by lawyers, but with smart contracts, the lawyers may not be