Digitized Contracts using Blockchain Technology
Contracts make interactions between individuals, companies, even nations manageable. However they are verbose and are hard to digitize.
Blockchain technology may just be the tool to change all that. With Blockchain technology it is possible to embed contracts, and the terms within them, into digital code. They can then be stored in databases where they are protected from tampering – changes, deletions or additions.
This means there will be a digital record and signature for every agreement, task and payment that can be verified and stored. So there will be no need for lawyers or brokers to study, monitor or verify actions against the terms of the Contract. Using these digital records, the parties of the contract will interact with no worries. Blockchain technology will automatically make sure the terms of met and both parties are protected.
Source: https://hbr.org/2017/01/the-truth-about-blockchain