Day by day we move ever closer to a decentralized future on the Metaverse. Now, industry analysts are asking an important question. When we do finally embrace Web3 in all its glory, what will the future of the legal industry look like?
Thanks to major players such as the Ethereum blockchain platform, Smart Contacts are already changing how we exchange and execute legal documents, but experts believe we still haven’t unlocked the true potential of blockchain technology in the legal sector.
Looking To The Future of The Legal Industry
Could blockchain technology make lawyers completely obsolete? Probably not, but it has proven to make the minutia and tedium of certain legal processes easier, quicker and more efficient. Wether you’re a business owner, employee, tax filer, or anything else, chances are you’ve had to sign a legal document at some point in your life.
Maybe you’re the kind of person who reads every detail before they sign something, or maybe you’re always busy, and don’t have the time to pore over every legal term. Whatever the case maybe, smart contracts have already proven to make establishing legally binding documents faster and so much easier. Data suggests that about 26% of employees within America’s job market are incharge of overseeing important legal contracts. Smart Contracts could eliminate the need for this human moderation, ensuring that such human resources are better utilized in more crucial roles.
The Disadvantage of Smart Contracts
For all their benefits smart contracts can have for the future of the legal industry, businesses also need to be aware of the disadvantages of Smart Contacts. For instance, because smart contracts are digitally automated, they don’t leave a lot of room for interpretation. They have to be coded with specific command prompts, ensuring certain actions are executed as soon as the critera are met.
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