Let's talk about house buying because this information is publicly available and somewhat well known. Here is a sample house contract: https://www.forsalebyown

Let's talk about house buying because this information is publicly available and somewhat well known. Here is a sample house contract: https://www.forsalebyowner.com/pdf/agrmttosell.pdf https://www.forsalebyowner.com/pdf/agrmttosell.pdf Notice that many of these clauses are not representable on blockchain at all (for example clauses 9, which allows buyer to adjust price down if the house has any defects), and some could only be represented if entire industries are 100% on block (7, 8, 10, 14, 15, 16, probably many others). Since this is unlikely to happen, at least initially, they are not representable either. As a result, the smart contract cannot be more complex than "start with this amount, adjust price either way if both parties agree, accept if both parties and regulator agree, regulator can override anything" The smart contract won't make seller publicly explain why she want to decrease the amount by $12,345. There will be no explanation why both parties or regulator decided to cancel contract either. All of these decision happen off-blockchain, in the courtrooms, lawyer's offices, or just in private conversations. Also, since there is a "Custodian" maintaining your smart contract, and "Regulator" approving the deals, you won't be able to avoid regulatory capture either. If you try to go against government's interests, then your private keys would get "accidentally" revoked, your smart contract would get "accidentally" invalidated and so on. And of course, there are lots of other reasons. What if of one of the parties committed fraud, but this was not discovered until after contract completed? What if Ethereum community decides to fork again? And so on.