Hey there, prepare to become obsolete. No, this is not an April Fool’s joke. Apparently this is going to happen. Shall we all meet in an ex-attorney flashmob on the beaches of Hawaii? Well, we have earned it, haven’t we?
“We’re headed there in about six months in terms of contract law,” says Karl Schroeder in Episode 106 of the Geek’s Guide to the Galaxy podcast. “So if I’m claiming in Lockstep that at some point legal apparatus might be replaced by computerized systems, I’m only barely avoiding being out of date.”Schroeder points to efforts like the Ethereum project, which uses block chains—the technology behind bitcoin—to create smart contracts. Such contracts live online, beyond the control of any single entity, and anyone can check their operating parameters at any time.“It’s a kind of automaton,” says Schroeder. “It will follow the rules that have been laid down for it to the letter. It will never cheat.”