The Truth about Smart Contracts

Much like the words “blockchain”, “AI” and “cloud”, “smart contracts” is one of those phrases that get a lot of hype. After all, what can be better than being able to trust what will happen instead of using the judicial system? The promises of smart contracts include:

• Enforcing contracts automatically, trustlessly and impartially
• Taking out the middle men in contract construction, contract execution and contract enforcement
• (By implication) Removing lawyers

What the heck is a smart contract, anyway? And isn’t that the domain of Ethereum? Isn’t this the way of the future? Why would you stand in the way of progress?

In this article, I’m going to examine what contracts are and the engineering reality that goes with it (spoiler: it’s not so simple and very hard to secure).

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