Smart Contracts: Are We Getting Rid of Lawyers?

[Anonymous No.8251167]

Smart contracts promise to fundamentally re-write how today’s legal agreements work – converting legal code to computer code that will automatically execute, make payments, transfer ownership in property, all in an uninterruptible manner. Born from Blockchain and cryptocurrencies, many smart contract platforms claim they'll eliminate the need for lawyers! We’ll discuss how smart contracts work, their business benefits, and associated risks of trading legal frameworks for automated computer code.

[Programming descriptions are generated by participants and do not necessarily reflect the opinions of SXSW.]

> won't get rid of lawyers but will still be huge

[Anonymous No.8251250]

>>8251167
if i trip on a newly mopped floor i can still sue panera tho

[Anonymous No.8251263]

>>8251167
>cuckold simp autism

[Anonymous No.8251381]

>>8251167
shorter horizon
>replace many of the things lawyers do
>lawyer field loses jobs then power
>President Baron Trump dismantles unconstitutional laws
>holocausts the lawyers

[Anonymous No.8251403]

Smart contracts have a major point of failure, namely event verification.

[Anonymous No.8251439]

>>8251250
"Ouch! I just now slipped on the floor at this Panera Bread and hurt myself! I'm going to sue Panera Bread!"
>voice recognition software triggers smart contract which analyzes interior security camera footage and discovers fall
>rfid sensors determine the identity of the victim
>scheduling indicates that the floor was supposed to be mopped seven minutes prior to the accident
>sensors in the mop bucket & handle confirm moisture & chemical levels indicative of floor mopping six minutes prior to the accident
>the entire case is sent off to be played through by a virtual courtroom smartcontract running in the cloud
>virtual courtroom picks through the minutia of the evidence
>facial recognition software in collusion with psych & criminal records of the victim determine that the victim fell intentionally in such a way as to commit insurance fraud against panera bread
>smart contract arrest warrent is sent to the smartphone of a local police officer who happens to be in line
>he arrest you
>his coffee is free because he participates in a smart contract rewards program whereby he is credited one free coffee at panera bread for every arrest he makes there

Goddamn, the future is so fucking bright I need shades!

[Anonymous No.8252504]

>>8251167
I think smart contracts will create a new use case for lawyers. Sorry, not getting rid of old money. It will front load a lot of the work in crafting the contracts and covering all the legal bases the contract needs to cover. And sometimes a contract will execute outside of the originally intended premises. You will need lawyers to argue the intention of the original contract was not adequately taken into consideration. There will be legal battles over automated contract executions ALL THE TIME. Smart contracts will be a new golden age for lawyers.

[Anonymous No.8252530]

>>8251167

I'm fucking sick of this autistic bullshit. Do you literally expect the average norman to understand this technology? Lawyers are going to use smart contracts, not be replaced by them you fucking trench brain faggot