How the legal industry is adopting Ethereum-based smart contracts
Ethereum smart contracts have great potential to increase efficiency in the legal industry. These self-enforcing contracts ensure that only once specific terms are met will the contract follow through with its instructions. A smart contract will always run exactly as written, so great care must be taken when creating one.
Due to their immutable and autonomous nature, smart contracts provide an alluring alternative to traditional legal contracts, and law firms are taking notice. In August of 2017, ten law firms and four legal institutions joined the Ethereum Enterprise Alliance. Among these is Hogan Lovells, the 14th largest law firm by revenue in the United States. This is a big deal, as it signifies Ethereum’s adoption by major law firms, and with it, the adoption of smart contracts. However, legal interest in smart contracts goes beyond the EEA.
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