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I see real value in smart contracts despite the mentioned flaws above. The smart contracts can automate A lot of transactions that use intermediaries, see notar
by samsonradu 9y ago
I see real value in smart contracts despite the mentioned flaws above. The smart contracts can automate A lot of transactions that use intermediaries, see notaries, lawyers, judges that do a ton of bulk work to validate paperwork authenticity, all sorts of agents and middle-men that charge fees etcetera.
Ok, people say it’s not secure, contracts can be hacked, but why not back these smart contracts by law? And when issues/breaches happen have a judge decide. These tools should be complementary and should not eliminate each other. We can and probably will have smart contracts alongside the day-to-day bureaucracy to help us with the simple stuff at first. Like when I need to pay a couple thousand to a notary for changing ownership of an estate only because of trust issues. If that is not ripe for disruption then I don’t know what is.
It’s like trying to jump from manual driving to fully automated driving and complaining it’s not safe and it won’t work.