The good thing about blockchain is it lowers the cost bar for crazy expensive business legalize. It of course needs more work but a proper smart contract setup placed in front of a judge leaves little need for a dozen lawyers and business consultants to see the intent of the contract.
The main issue is that the current very expensive and inefficient setup benefits middle men that produce very little value. Transitioning away from that will eventually happen and that will be the reason blockchain and smart contracts explode in value and usefulness.
Except, of course, that as the article points out, the courts provide virtually all the value in preventing clients from cheating the auditing systems, or ensuring that a correctly delivered package actually has contents fit for purpose.
And if your contract is only the code, you've got a big problem in making your case that tampering with the oracle or sending an empty box is an act of bad faith on the other party's part, and much more expensive lawyers to interpret it...
>lowers the cost bar for crazy expensive business legalize
Just an FYI, from the context of the next sentence I believe you mean "legalese". "Legalese" is convoluted legal jargon; "legalize" is a verb meaning to make something legal.
So the world works perfectly in your opinion?
The good thing about blockchain is it lowers the cost bar for crazy expensive business legalize. It of course needs more work but a proper smart contract setup placed in front of a judge leaves little need for a dozen lawyers and business consultants to see the intent of the contract.
The main issue is that the current very expensive and inefficient setup benefits middle men that produce very little value. Transitioning away from that will eventually happen and that will be the reason blockchain and smart contracts explode in value and usefulness.