The underlying technology of cryptocurrency called Blockchain is a technology that has many different applications with a lot of potential. This technology can disrupt many industries such as Banking, Accountancy, and Internet of Things, but it can also have a huge impact on other industries. This is how Blockchain will transform the legislative system.
Smart Contracts Law
According to Wikipedia,
“A smart contract is a computer protocol intended to digitally facilitate, verify, or enforce the negotiation or performance of a contract. Smart contracts allow the performance of credible transactions without third parties. These transactions are trackable and irreversible.”
There are many problems regarding standard written agreements that can be resolved with a smart contract. In the current written agreements, there are often some concerns with interpretation and enforcement of provisions.
However, the impact of smart contracts on the law will be humongous, since every consequence under the agreement would be done automatically. That engages less responsibilities concerning everyday contracts for lawyer and less arguments over uncertainties in the legislative system.
The effect of smart contracts on the law would increase the accessibility for an average person to verifiable legal contracts.
Blockchain Government Use Cases
Many governments across the world have recurrent problems regarding governance that can all be solved with the Blockchain technology.
Theoretically, the lifetime interactions between someone and the government could be stored in a secure and immutable way on the Blockchain. That includes birth certificate, death certificate and driving licences.
The Blockchain technology could also be used for voting, tracking data, and collecting data. The Blockchain technology can apply to many different government use cases without the current bureaucratic concerns such as, human mistakes, lost files and common communication problems between firms.
Blockchain Intellectual Property
Currently, a written contract must be done for intellectual property rights to be transferred from a party to another such as patents, copyrights and trademarks. It is difficult for ownership or transfers to be proven without a written proof.
However, the blockchain can record these different intellectual properties through a distributed ledger that is much more secure than a written proof. The ledger would record who owns that right or who owns that patent from its original source much more efficiently. As in the government use cases of the blockchain technology, blockchain intellectual properties would eliminate the risk of a human error.
The blockchain technology can disrupt many industrial sectors and a massive adoption might come sooner than we think as big corporations such as Walmart, IBM, and Amazon are talking about implementing the technology to their ecosystems.