Smart contracts
Smart contracts
Sources:
Smart contracts are seen as a revolutionary technology with the potential to simplify and automate various types of transactions and agreements, such as mortgages and insurances. Niall Ferguson sees them as a way to remove redundant complexities in transactions, such as lengthy mortgage contracts, and potentially reduce the number of intermediaries involved, leading to a financial revolution that simplifies managing financial needs 1.
Similarly, Omid Malekan describes smart contracts not as legal contracts but as conditional transactions automated and guaranteed on the blockchain. This technology can automate complex financial interactions, such as options contracts and royalty payments in the music industry, ensuring fair outcomes for all parties involved 2.
Charles Guillemet highlights the security aspects of smart contracts, stressing the importance of being cautious about granting permissions to different contracts. He notes the challenges in distinguishing between secure and vulnerable smart contracts 3.
Smart Contracts Revolution
![](https://assets.dexa.ai/image/upload/w_48,c_fill,g_face,q_auto:good,f_auto,dpr_2,d_entities:placeholders:feed_gjtkkq.png,ar_1:1/entities/feeds/feed_11)
Lex Fridman Podcast
Additionally, Gavin Wood, one of the co-founders of Ethereum, explains that smart contracts on the Ethereum platform are essentially software programs that govern the dynamics of value, operating as contractual agreements between parties. However, a divide exists on whether these programs should be seen as the final say or merely represent the agreements while considering possible defects and bugs 4.
Finally, Juan Benet and Olaf-Carlson Wee discuss the broader implications of smart contracts, envisioning a future where this technology can significantly affect internet freedom and even rewrite internet power structures 5.