The law serves its purpose very diligently and faithfully towards its people for whom it was made for. But the problem then arises when the process of law becomes so problematic and tedious that it is better off to just do everything yourself. In the modern day and age, no one has the time to do it, which is why people hire other professionals who are well versed in that particular field and can effectively undertake any sort of legal procedure at your leisure. These professionals are called lawyers. But the process became so tedious that it was counterproductive to even have a middle man in the mix. Entered the smart contracts, which are nothing but virtual tools that help you exchange money, property, shares, or anything of value in a transparent, conflict-free way while avoiding the services of a middleman. Usually you would go to a lawyer or a notary, pay them, and wait while you get the document. In the case of smart contracts all you need to do is to simple drop a bitcoin in the virtual ledger with your proof of existence such as your driver’s licence or anything else and watch your processes get done in minutes and not days. These tools can also be referred to as blockchain technologies or blockchain contracts that was realised by certain cryptographers that felt the need for more efficient way to do legal proceedings.
The Power OfVirutal Money
The smart contracts is an ideal example of how much the middleman (in this case the lawyers) are unnecessary and only slow down the process. The effective tool like these neo blockchain saves a lot of time, money, and needless conflicts. There are some flaws that these contracts have but when compared to its pros of it being faster, cheaper, and a more reliable way to do things, it goes to say that many governments and banks are changing to these operations. These type of contracts also clearly define the rules and regulations that surround any agreement just as the traditional contracts do but in a more efficient and clear way.
Thus, it goes without saying that the future of the world in terms of money and other forms of transactions is with virtual money and coded form of exchange, which is clearly the more efficient, safe, and faster way to do things.