Analysis: Will Smart Contracts Change Legal Practices?

Our civilization, as we know it, is currently standing at the brink of a new, far-reaching technological revolution. As lawyers, we are very often asked to draft agreements for our clients. Back in the days, drafting was done using pen and paper. Nowadays, with the development of new technologies such as smart contracts, lawyers have witnessed a rapid change in some aspects of the works they do.

Smart contract explained in simple words:

A smart contract is an agreement whose execution is automated. This automatic execution is effected through a computer running code that has translated legal prose into an executable program.¹ This program has control over the physical and digital objects needed to effect execution.²