Goodbye Lawyers - Could LINK and FLUX acheive this?

[A Former User]

A small excerpt from a Coindesk article

[url=http://www.coindesk.com/wall-street-analysts-bitcoin-revolutionise-non-financial-world/]http://www.coindesk.com/wall-street-analysts-bitcoin-revolutionise-non-financial-world/[/url]
[quote]Goodbye Lawyers

The bitcoin blockchain, for a long time, only contained data about transactions, but in October 2013 Bitcoin’s lead developer Gavin Andresen “reluctantly” allowed other data to be embedded into the blockchain. He said:

“The idea is to give people a way to do what they clearly want to do (associate extra data with a transaction that is secured by the blockchain), but do it in a responsible way that strikes a balance between ‘you can put whatever you want into the blockchain”’and ‘you will have to be tricky and inefficient to get your data in the blockchain’.”

So potentially, a person could store data about a legal contract there. Here’s how Gil Luria explains the concept:

“If the contract is in the blockchain and can be triggered by data feeds there is less need for lawyers, debt collectors etc. If the ownership and financing terms of a car is on the blockchain, and the car can only be started by the rightful owner, you don’t need debt collectors. The car will not let the driver operate it if they have not paid their car payment.”[/quote]

[zerodrama]

[quote name=“Calem” post=“49326” timestamp=“1388705594”]
A small excerpt from a Coindesk article

[url=http://www.coindesk.com/wall-street-analysts-bitcoin-revolutionise-non-financial-world/]http://www.coindesk.com/wall-street-analysts-bitcoin-revolutionise-non-financial-world/[/url]
[quote]Goodbye Lawyers

The bitcoin blockchain, for a long time, only contained data about transactions, but in October 2013 Bitcoin’s lead developer Gavin Andresen “reluctantly” allowed other data to be embedded into the blockchain. He said:

“The idea is to give people a way to do what they clearly want to do (associate extra data with a transaction that is secured by the blockchain), but do it in a responsible way that strikes a balance between ‘you can put whatever you want into the blockchain”’and ‘you will have to be tricky and inefficient to get your data in the blockchain’.”

So potentially, a person could store data about a legal contract there. Here’s how Gil Luria explains the concept:

“If the contract is in the blockchain and can be triggered by data feeds there is less need for lawyers, debt collectors etc. If the ownership and financing terms of a car is on the blockchain, and the car can only be started by the rightful owner, you don’t need debt collectors. The car will not let the driver operate it if they have not paid their car payment.”[/quote]
[/quote]

For Link, I’ve contemplated patent busting and storing the entire US legal evolution record. Link would contain the patents, FLUX would find and recommend the prior art.

Of course this is why Bitcoin is in decline among people starting cute but actually serious altcoins. Only an asshole would suggest preventing a car from starting because of no payment. That would initiate a vicious cycle of consequences for the poor and chronically in debt, which would resemble the War on Drugs. This is where FLUX comes in. Instead of stopping the car from working, FLUX would signal an opportunity to negotiate.