Blockchain and contract management, two concepts that might seem as far apart as Kantian aesthetics and Louis C.K. humor. However, at the dawn of this new digital age, these two terms are forging a most postmodern romance. This new couple could well shake up the business world.
Prometheus unleashed: blockchain in action
If blockchain were a superhero, it would certainly be Batman: autonomous, endowed with an unshakeable moral code and terribly efficient. This technology is like a great universal library where every transaction becomes an indelible book, accessible to all and impossible to modify. A dream come true for anyone concerned with transparency and integrity.
But, like every superhero has its downside, blockchain also has its dark side. Because total transparency also means total surveillance, a somewhat Kafkaesque reality in which every action is recorded and inspected.
The Contract Management Odyssey: in search of the digital muse
By comparison, traditional contract management may seem like an old hermit reluctant to change. This central business practice involves managing the creation, execution and analysis of contracts to maximize performance while minimizing risk. It’s a painstaking process, often time-consuming and costly, but essential for any company wishing to navigate in safe waters.
However, with the advent of blockchain, this old hermit may well find a digital muse capable of breathing new life into him. Smart contracts – automated contracts that are executed as soon as certain conditions are met – could make the contract management process faster, safer and less costly.
Beyond appearances: the implications of this romance
Like a digital Juliet, blockchain seems to promise contract management an ideal relationship, full of efficiency and transparency. But, as in every love story, there are shadows in this idyllic picture.
On the one hand, automating contract management using blockchain could reduce errors and increase efficiency. In addition, greater transparency can improve trust between parties and facilitate conflict resolution.
On the other hand, this automation could make contracts impersonal and rigid. What’s more, the increased surveillance enabled by blockchain could create a corporate culture based on surveillance rather than trust.
Conclusions: between utopia and dystopia
This romance between blockchain and contract management therefore promises a revolution in the business world. However, like any Promethean technology, it could just as easily lead to a utopia as a dystopia.
We could end up with a more transparent, more efficient and less error-prone business world. Or we could create a business environment where surveillance is the norm, and contracts become rigid, impersonal tools.
As Albert Einstein so aptly put it, “The measure of intelligence is the ability to change”. So it’s crucial for us to know how to adapt to these new technologies, while keeping in mind their potential implications. After all, who doesn’t love a good love story with a twist?
