Smart contracts: Blockchain will eat white collar workers for breakfast

Law firms, financial markets, IRS… Even a strong IRS. We know by now that a blockchain has a power, during slightest in theory, to interrupt flattering many anything. Even a digital hulk Hewlett-Packard believes Bitcoin is a “magical currency”.

The California-based association recently wrote about a world’s many famous cryptocurrency and a core technology, focusing on intelligent contracts. Or, in other words, “legally contracting agreements that govern themselves by software.”

The beauty of Bitcoin, says HP, is that the transaction itself becomes a contract. All it takes is for one celebration to send supports to another celebration and a record appears. This could simply be practical to blurb banking or a investment sector, where intelligent contracts could “execute unknowably formidable contingencies formed on a terms of a contract, all in real-time, with sum clarity to a similar parties.”

smart contracts bitcoin blockchain hpThis is where Bitcoin’s ‘magical powers’ flog in. If a intelligent agreement already looks like a discerning and quick process, now review it to a extensive (and, honestly, tedious) normal routine that includes tellurian lawyers, accountants, consultants and bankers. Yes, and a astronomical cost that comes with hiring

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