“A number of horizontal applications for blockchain relevant to almost every industry are on the horizon. Among these applications: smart contracts, automated audit, and improved cyber security.
Many see significant promise in smart contracts—agreements represented as software that can automatically trigger actions under certain conditions, such as when payments are made—or missed. A smart contract could cut administrative costs by being “self-enforcing”—for example, making it possible for a driver to start her leased car only if she is current on her lease payments. Longtime blockchain watchers predict that smart contracts are on the way, albeit not to a significant degree in the very near term.
Some see potential for blockchain to dramatically change the role of corporate auditors as well as the conduct of audits. Our colleagues from the Rubix by Deloitte team envision a blockchain solution that would “allow for an automated third-party verification by a distributed network to ensure that transactions are complete and accurate and unalterable.” ”
via Deloitte University Press http://ow.ly/i9IT301ZUJg
SmartContracts - Blockchain, AI in Law, and Legaltech Blog (Curated by Lawyers) 