THIS !!!
"These codified laws can be audited by anyone, and are impossible to hack. Since everyone can look at these contracts, the need for having to trust a third party is eliminated, and instead transferred to machines that automate trust."

I believe this is the best description of, "The Power of Blockchain." When you boil down all of the hype, one of the biggest problems in the world today is when banks, governments, corporations, and businesses are run by scanless/corrupt individuals - many of whom are very good at covering their tracks. So, the "third party" or trustee is also able to be bribed, deceived, intimidated, or eliminated in order to rip people off. Blockchain technology will become the "law" in a more fair and just system for everyone. Perhaps it will prove to be a very great and useful tool in eliminating corruption, which comes in many forms.

Certainly, blockchain can not stop humans from making hurtful and harmful decisions in every case - but it can greatly reduce "human error" by placing the "third party" function into the hands of a codified machine. When you think about it, it's basically like creating a system of "equal treatment, under the law" which current systems of law strive for, yet remain imperfect.