I like this idea and I can see the potential here but in the other hand I am a bit worried of recognition , will businesses will want to use it. I think the legality is a huge factor how smart contracts will be introduced in world of law? ( If this is somewhere written I apologise for repeating)
Hello
Thank you for this question. It was answered before. I will copy and paste my answer here. Please let know if you need me to provide more details about this.
"To answer it we should come up with the definition of "strong" and "weak" smart contracts.
"Strong smart contracts have prohibitive costs of revocation and modification, while weak smart contracts do not. This means that if a court is able to alter a contract after it has been executed with relative ease, then it will be defined as a weak smart contract. If there is some large cost to altering the contract in a way that it would not make sense for a court to do so, then the contract will be defined as strong."
For more information I would suggest reading this paper.
https://www.georgetownlawtechreview.org/the-law-and-legality-of-smart-contracts/GLTR-04-2017/There could be rule for possible claims being resolved by some third party respected organization in regular real life contact if parties came to the mutual agreement to do that. These contracts are legal and consequences of these contracts are legal as well. In case one of the parties disagree to the result of resolving the claim it could be appealed in the court. But in case we are talking about "strong" contracts probability of this to happen is very small.
To make things simple
If the rules are clearly defined and mutually accepted by parties and community is build the way this rules to be fair it very unlikely somebody to "break" them especially considering high costs of these "breaking"."
