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How can a Blockchain system change the commercial contract process in your opinion? What are the opportunities and challenges?

UAE – TP With large scale adoption, blockchain technology could significantly reduce friction in contract conclusion. This means more and more contracts, every minute, every day on a global scale. The Internet of Things (IoT) will contribute as well, because an increasing number of connected devices will deploy smart contracts in transactions execution. The ‘traditional’ contract process is likely to be impacted but it is not easy to predict how. Contracts will probably be available in templates on github-like platforms for a worldwide open source community of coders and lawyers to readapt and reuse on a case-by-case base.

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