Will smart contracts will replace the need for lawyers?
With all the advancements of blockchain technology and the rise of Smart Contracts for more secure high-ticket transactions it makes one think – this must inevitably end in job loss for professions like contract lawyers or real estate agents. But after doing a little more research there seems to be a silver lining. It’s true that smart contracts can be very useful in facilitating and automating certain aspects of legal agreements, but it is unlikely that they will fully replace lawyers.
Despite the growing popularity of smart contracts, legal counsel is still necessary to write out and ensure that contract terms are valid in addition to being compliant with the law. Furthermore, certain legal documents necessitate a human level distinction and comprehension that cannot be completely replaced by code.
Smart contracts are not meant to be a complete replacement of legal services, but rather an additional tool that lawyers can utilize to streamline and automate certain processes. By utilizing their knowledge in combination with smart contracts, lawyers may be able to amplify the efficacy of their work.
Even though smart contracts have the potential to automate some aspects of legal transactions, they probably won’t replace lawyers in the near term. Smart contracts are only designed to execute predetermined actions based on pre-written code and cannot account for complicated nuances which often stem from interpreting law and its associated precedents. Therefore, it is unlikely that smart contracts will be able to completely substitute attorneys any time soon.
Smart contracts, as they are simply code-based, don’t possess the capacity to negotiate or provide guidance in a similar fashion that an experienced lawyer could. Although these may reduce the amount of manual legal work necessary, lawyers will forever remain essential for more intricate matters which necessitate expertise and discernment.
Smart contracts are perfect for dealing with regular, standardized transactions such as payment processing or basic job agreements. However, legal disputes that require interpretation of the law and investigation of relevant details can be complicated and time-consuming to manage. Taking all this into account it appears that smart contracts will take on an ever increasing position in numerous legal processes; yet they still won’t erase lawyers entirely.
Read: Can Smart Contracts be Hacked?
Will smart contracts will replace the need for real estate agents?
While smart contracts can automate some aspects of real estate transactions, it is also unlikely that they will replace the need for real estate agents entirely.
Real estate transactions can be emotionally and financially complex, which is why having an experienced real estate agent on your side is so important. Agents utilize their expertise to provide invaluable services such as market analysis, pricing guidance, property inspections, negotiating contracts and managing the deadlines that often come with a transaction. When investing in real estate or selling a home it pays to have someone who understands both the financials and emotions of buying or selling involved in every step of the process.
Despite the fact that smart contracts are able to automate some of the processes involved in a real estate transaction, they cannot substitute for the expertise of an educated and savvy real estate professional who can offer invaluable insight and advice.
Not only do real estate agents ease the transfer of property ownership, but they also offer a vast range of services to assist buyers. These include seeking out desirable properties for purchase, negotiating favorable contracts and handling complicated legal and financial matters with confidence.
Real estate agents offer necessary insight on local market conditions and aid buyers and sellers in making knowledgeable decisions regarding their property. Smart contracts have the potential to streamline certain elements of the process, however they are not able to replace the tailored assistance that real estate agents provide. This means that while smart contracts may transform an agent’s role within a transaction, it is doubtful that these technological advances will eliminate them altogether.
Could smart contracts replace traditional contracts?
Smart contracts have the potential to replace traditional contracts in specific situations; however, they are unlikely to override them completely. Traditional agreements are legally binding and require signatures as well as negotiations that often entail personalizing the contract. In comparison, smart contracts are computer programs which automatically execute once all of the terms in an agreement have been met.