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Essentially it has the same issue as any other "smart contract" — the interface between the contract and the rest of the world cannot be monitored by the contra
by SAI_Peregrinus 9y ago
Essentially it has the same issue as any other "smart contract" — the interface between the contract and the rest of the world cannot be monitored by the contract, and so must fall back on the existing legal system. This makes the "smart" part of the contract a lot less useful, so it's easier to just set up a normal contract.
- Nuzzerino 9y agoYes and no. Normal contracts of a small dollar amount are not worth litigating. I have on a couple of occasions done a couple of consulting arrangements for small amounts of money, and wasn't paid for the work I did, even when the contract was signed. Smart contracts can have arbitration arrangements built into the contract, where neutral parties (a middle man with a reputation/trust rating) can make a ruling on a dispute. There are platforms in development for this very thing, with mechanisms in place to mitigate against malicious arbiters.