Prepare for a Marketplace of Smart Contracts in the Legal Industry.
Blockchain technology needs to make a push towards providing utility to everyday people and businesses.
While the fundamental value additive blockchain technology provides is a decentralized currency, the evolution of second generation blockchains that provide smart contracts makes way for a lot more possibilities. A smart economy governed by trustless agreements is now a tangible reality. However, the technical requirements to utilize these is not available at mass scale.
The everyday person does not possess the skillset needed to create the smart contract shown on the right. In fact, even a good portion of developers aren’t familiar with Solidity. Individuals aside, for a technology to benefit commerce at scale, it must be accessible small and medium enterprises—not just major ones. However, smaller businesses do not have the resources to hire a smart contract developer.
For blockchain technology and smart contracts to reach everyday utility, they must be accessible for use to the masses. A new project, Jur, is pursuing the usage of smart contracts for dispute resolution, and its making the underlying contracts accessible to the market.
It Starts with a Marketplace
Jur is a decentralized arbitration protocol which allows anyone to utilize smart contracts as escrows that release funds under certain conditions. However, as Jur intends to integrate its technology into situations that involve physical world interactions, the smart contract cannot handle everything. Thus, Jur’s decentralized aspect extends into including a network of jurors who functions as oracles that deciding on which part, in any dispute, is justifiably deserving of the funds held in the smart contract.
While the oracles allow Jur to extends it’s utility to arbitration of interactions in the physical world, the core of this technology is still the smart contracts that display immutable conditions of the agreement while holding the funds in a trustless mechanism.
Thus, Jur’s ecosystem extends beyond merely providing a protocol and network of oracles.
Jur will also include a marketplace for the smart contracts that can be used as clear formats for the smart contracts being used by everyday people and small/medium businesses. Smart contracts used for arbitration won’t only involve technical know-how, but will also require the need to incorporate legal jargon that is necessary to cover all aspects of an agreement in order to erode the possibility of one party taking advantage of a loophole.
Professionals in the legal industry will be able to provide the smart contracts.
The smart contracts created by professionals could either be used directly or be used as prime formats that could be tweaked to serve the needs of any agreement that involves some form of (trustless) escrow. The professionals creating the smart contracts would be incentivized to create the best possible contracts that are easy to utilize by the mass market as a marketplace is innately competitive.
Jur not only provides the protocol to handle the arbitration and trustless escrow, but it also provides a marketplace where anyone can buy the smart contracts, thus making the technology accessible to anyone.
Essential Links
🌐 Website: https://jur.io/
💡 Whitepaper: https://jur.io/content/uploads/2018/07/JUR-WhitePaper-v0.3-eng.pdf
👨 ANN Thread: https://bitcointalk.org/index.php?topic=5033562
💻 Telegram: https://t.me/jurcommunity
Connect with me:
https://bitcointalk.org/index.php?action=profile;u=1700741;sa=summary
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The legal industry is one of the most reluctant to introduce new changes. However, I think they will eventually adopt blockchain technologies too.
You make a valid point, but people who need to utilize legal aid would see the benefits (and affordability) of this.
I really think smart contracts are going to become hugely popular in future especially in combination with the amount of freelancing and subcontracting that is going on lately online. Instead of hiring full time staff you can get a professional on a project basis with all deliverables set in the smart contract and everything is transparent.
deadlines, payments, disputes and other contractual obligations and legalities are in the open and both parties know their responsibilities. Its just going to take a marketplace like this to make easy to set up without having to have much technical knowledge
Great point on how JUR can greatly benefit the gig economy, which is expected to soon make up about half of workforce employment.
great news, crypto is on all possible way.
Disrupting one industry after the other.
@hatu Best marketplace for small investors. Thanks for sharing good article.
I actually didn't look into it that way. Yes, people could invest in the contracts. Hire some one to create it and then put it up for sale as a passive income.
This is Great news ... Resteem
Thank you; I always appreciate resteems.
Hella Prepared
Yes, I am looking forward to this too.
Sounds good. Should get legal compliance.