Parties to a contract exist in jurisdictions that do not see things this way, and even block chains are rooted in some form on physical media in legal jurisdict

Parties to a contract exist in jurisdictions that do not see things this way, and even block chains are rooted in some form on physical media in legal jurisdictions. In the case if IRON, the 0.75 in actual money exists somewhere, a bank presumably. Wherever that is, the jurisdiction might be friendly for IRON, or not, but there is in a very real sense no pure native environment for smart contracts. At a minimum, the parties involved will always exist in a physical legal sovereign jurisdiction that regards it's own authority as higher than the smart contract and has some ability-- perhaps limited, perhaps extensive-- to enforce that authority.