How soon could we see Smart Contracts around?
As much as everyone I am truly interested in this new form of dealing with conflict. For a long time our country has tried to incorporate the use of computer tools to advance towards a paper-free system, systematized with the help of the internet and computer languages. While in political terms there is still much work to be done, I believe we have made progress in terms of improving and facilitating access to justice. Surely, there is still a long way to go, but realize that the official bulletin that meets the national rules and regulations is certified with blockchain technology is something impressive ( check https://www.boletinoficial.gob.ar/). The certification process in Blockchain consists in generating a transaction through a "stamp" operation defined by the standard "OpenTimestamps" format, obtaining a digital receipt.
But..
Smart contracts applied in the judicial system? I am really up to the challenge, although must confess that there is a lot to read and learn to even start to think about this.
Just Imagine..
A rental or a lease contract over an apartment, in which the landlord and tenant mutually agree to fixed terms and conditions, is terminated due to an unpaid rent, and a inmediate order is sent to the tenant to leave the apartment within 5 days, with a request to pay the debt and the charges incurred for the missed deadline. This could work under a smart contract...but (there is always a but), reality shows that people and situations are not often so plain and simple.
Even before the Smart Contract is written in code and signed by the parties involved, someone must adecuate the clauses to standard law regulations, and glimpse the possible scenarios and consequences arising from the contratcual relationship. No template will ever cover all existing possibilities and results.
How lawyers need to act when a smart contrat clause is triggered? The ideal scenario for this new technologie might leave them out of the equation, but when their intervention is needed who will regulate this? I think the Bar should do it, it should be under the parameters in which lawyers develop their professional activity.
There is a still a long way to go.
Although in Argentina the Bitcoin cryptocurrency is widely used, it seems distant still the moment when Smart Contracts are part of daily transactions between subjects. Hopefully by the time this is possible, the applications based on blockchain technology will be a subject already solved and free of any questions and gaps.
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