Where Are We Going? Exploring the Blockchain's Utility
In our last article we went through great lengths to highlight the glaring impact that the blockchain could have on an entire industry — the real estate industry. We’ve also cited the impact on other industries such as FinTech, estate planning and countless other areas. All of this is exciting, but we haven’t discussed some more practical considerations. Yes, blockchain technology, and smart contracts specifically, have been called ‘game changers’ for the legal industry, but where does things stand today? And what is it going to take to move from the theoretical stage to the practical stage where lawyers will be writing smart contracts and using the blockchain to implement them?
In order to understand where we are today, one must start with Ethereum.
Ethereum is an open source blockchain protocol similar to Bitcoin, but more ambitious in capability. Let’s explain. Bitcoin is an amazing technology, but its focus is cryptocurrency — the simple transfer of digital money.