I was reading a blog post Cryptocontracts Will Turn Law Into a Programming Language. It talks about how the protocol that powers bitcoin can and will be used to democratize contractual agreements.
“The emergence of cheap and plentiful self-enforcing contracts means that we can codify simple transactions and agreements. We will be able to reprogram our lives based on self-enforcing cryptocontracts.”
Lawyers in the US take 10% of GDP. Bankers take another 10%. Cryptocontracts and crytocurrencies have the opportunity to fundamentally disrupt both broken legal and financial systems. Here’s another blog post on How Bitcoin Could Revolutionise Accountancy.
On cryptocontracts, a thoughtful commenter writes:
“we developers have a habit of wanting to abstract and code everything – forgetting the importance of human trust, intelligence and relationships in agreements that we make.”
Coincidentally, I just re-watched Equilibrium. It’s a dystopia where a draconian police state has outlawed human emotions as “sense crimes” which is punishable by death. Quote from the movie:
“Father: Prozium – The great nepenthe. Opiate of our masses. Glue of our great society. Salve and salvation, it has delivered us from pathos, from sorrow, the deepest chasms of melancholy and hate. With it, we anesthetize grief, annihilate jealousy, obliterate rage. Those sister impulses towards joy, love, and elation are anesthetized in stride, we accept as fair sacrifice. For we embrace Prozium in its unifying fullness and all that it has done to make us great.”
The possibilities of decentralized technologies are endless and exciting. As we approach the future sci-fi world of invisible cryptography and decentralized trust embedded in our everyday lives, will we remember to relate to and value our trust in each other? Will we remember what it is that makes us human, for better or worse? Embracing technology may give us the illusion of saving the world, yet we’ll need to embrace our inner landscape to save ourselves. I’m cautiously optimistic and optimistically cautious.