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Recalibrating Smart Contracts Can Improve Ethereum
Smart contracts were initially seen as a threat to lawyers, clerks, brokers and many others – but now it seems the tide is changing . Smart contracts are widely adopted, mainly because it is not always necessary to have a third party supervise the contractual process.
On the same note, a new debate is moving around the degree of decentralization that people are looking for in their products. The consensus seems to be that people are not looking for decent decentralization. For example, many are wary of giving up customer service and a user experience just to eliminate the need for a third party.
The legal sector, rather than fearing smart contracts, has found a way to add them to its industry. For many lawyers, such contracts can supplement their work and support growth. According to the National Association of Lawyers:
With the increasing importance of smart contracts and the potential for blockchain technology to be used in other aspects of legal practice, the role of the legal professional will likely evolve to require lawyers to have at least the basic knowledge of coding and programming skills.
Sagewise, a platform built on the blockchain of Hashgraph, works to provide contract resolution as a security network for smart contracts that provides for third-party arbitration in disputes. According to the co-founder of the platform, Daniel Rice, "One of the biggest problems with smart contacts is even if there is not an explicit bug, there may just be something in the contract that gives a single party a huge amount of control ".
He added: "We have seen several ICO contracts that allow the creator to freeze or in some cases even execute custom code within the smart contract, which can nullify the purpose of using a decentralized intelligent contract completely and is the reason we provide tools that allow more reasonable governance of individual contracts. "
Sagewise can also function as an umpire. The platform ensures that issuers are responsible for the promises of the white paper in the ICO context, even if the contract text is written on paper and not on a contract.
In addition, Matthew Griffin of Blockchain Labs, a smart contract writer and auditing system, agrees that the emergence of third parties is inevitable. The system will implement a centralized platform in the form of smart contracts.
As Griffin said, "It is an unfortunate name, because they are neither intelligent nor contracted, what they do is strengthen the logic in a powerful way in certain uses, but they will not realize the disintermediation vision of average men and professions as lawyers. "He added," Blockchains and smart contracts are not good at reflecting things in real life. "
Regarding the complexity of decentralization and the introduction of human trust in the consensus process, [19659008] Griffin commented: "As much as we would like, you can not do everything out of the chain, I do not think we will move into a completely decentralized world, but it becomes easier and cheaper to get decentralization where it makes sense."
Recently, Sagewise has released a blockchain-based application that allows digital signatures, called Blokusigh. The system will be integrated with Gmail.
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