In general, smart contracts are successful in handling ICO projects or Airdrop projects, etc.
And most people use smart contracts to have Ethereum. However, traditional contacts cannot be replaced.
Topic: Can Smart Contracts replace traditional contracts? (Read 213 times)
Woww.. This forum is superb. I never knew about traditional contracts. Going through this post and the comments has given me the knowledge on smart contracts and traditional contracts. Am quite humbled.
Smart contract scam the place traditional contracts but not fully because sometimes traditional contracts need to be enforced by the law because of people that would want to breach the contract so smart contract is only applicable where the two parties have a stake in that is determined by the contract without a stake which the both parties have to lose. Because of this, any of the party can easily evade or breach the contract and there will be no law to hold the person to.
I don't think so, smart contracts, in their current state, are not free from having bugs and vulnerabilities, so they can not be used as real contracts in the real world, not for now.
The truth is, traditional contracts will always exist even though smart contracts have some very unique features like removing the need for middleman. Reason being that the centralized systems cannot completely port to using smart contracts, they still need a middle man when undertaking deals. Moreover, blockchain adoption is a gradual process, so don't expect complete replacement of traditional contracts with smart contracts.
with oracles, smart contracts is the next step of traditional contracts with all the great functionality of smartcontracts,
including the benefit of the generally very low cost. it's the next stage of evolution
including the benefit of the generally very low cost. it's the next stage of evolution
Yes, I do think that smart contract has the ability to take over traditional contract. However, it take time for the world to adopt and accept smart contract.
I think we would still need some time for this. In the theory these contracts are more productive and would lead to the avoidance of the third party. But as was mentioned before it would happen only when we will reach mass adoption.
Thanks a lot for all your comments!
I have added the summary to the post according to your answers.
I have added the summary to the post according to your answers.
Yes, because in the smart contract
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- Blockchain technology has been used
- No intermediate parties for the transaction
- Less transaction cost
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Nope, for a dozen of reasons, but two main are:
1. People still trust old fashioned contracts and crypto adoption is too narrow at this point
2. People need a specific stuff from contact to contract with their own clauses even for standard contacts.
Smart-contracts are good for automated tasks, but people are not automates.
1. People still trust old fashioned contracts and crypto adoption is too narrow at this point
2. People need a specific stuff from contact to contract with their own clauses even for standard contacts.
Smart-contracts are good for automated tasks, but people are not automates.
there will certainly be many more years of traditional contracts and they will not disappear so fast. smart contracts will certainly be the future, but it will be years before all people can use them safely and easily.
i agree with the majority here they can and they will did you think a traditional contract is more secure than a smart contract for me no i trust blockchain more then anything else in this type of agreement
It would be great if smart contracts could be replaced with real contracts that we conclude in everyday life, but it seems to me that at this stage of development they cannot do this, or it will be too primitive. In any case, this industry is actively developing and in the future this may happen.
Smart contracts were created to prevent a lot of paperwork and to automise contracts. I believe that smart contracts would replace traditional for example by opening a bank account or a regular B2B or B2C deals.
I also think smart contracts have the potential to replace traditional contracts. The only question is whether they will prevail and that will certainly show in the next few years.
Not just can and replace, all this and is now being implemented blockchain, and for him Smart Contracts to buy apartments and cars, etc., legal electronic contracts, in General, the progress is very fast, do not have time to look back as the world is different!!!
It all depends on the adoption that is how quickly the world accepts and move on to the blockchain technology, secondly it also depends on the smart contracts and provider networks i mean the smart contracts should allow maximum features, services, options and they should not have any slowness or sluggishness and must be efficient.
It is goin to take a massive information campaign before that can happen. People need to understand smart contracts first before they can accept and use it.
for this you need to have a large part of the experts who understand this, at the moment there is no such thing
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