“At its core, the blockchain is powerful for one reason: It solves the problem of proving that when someone sends you a digital “something” (like bitcoin for example), they didn’t keep a copy for themselves, or send it to 20 other people. Maintaining this type of ledger of goods and services is a remarkably important aspect of global economics. It’s a problem we invest billions of dollars trying to solve. Fundamentally, banks, auditing firms, legal services, and security systems are designed to authenticate the transactions that ripple across our planet.
Like the internet democratized the exchange of information, transforming entire industries in the process, the blockchain promises to democratize the exchange of value, a concept with staggering possibilities. (…)
“[These] are not just driverless cars, but ownerless firms. Imagine in the future —summoning a taxi that not only has no driver, but that belongs to a computer network, not to a human being. The network has raised funds, signed contracts, and taken delivery of vehicles, even though its headquarters is distributed all over the net.””
Via Singularity Hub, http://ow.ly/sn1R30bJsvW
SmartContracts - Blockchain, AI in Law, and Legaltech Blog (Curated by Lawyers) 