After the advent of cryptocurrencies specialists in business automation engaged in discussions on smart contracts as they deemed them the method to eliminate third parties and reduce operational costs for businesses. It is hardly surprising, because, in fact, a cryptocurrency transaction is particular case of a smart contract recorded in a public register unreservedly transferring a value equivalent from one entity to another.
Actually, any deal may be executed in the form of a smart contract which will to some extent guarantee performance of contractual liabilities to the parties.
Before delving into the reasons why smart contracts have not experienced a widespread adoption yet, it might be useful to see whether business is directed that way, and if so, how it happens. Indeed, market is a kind of a life form where laws of evolution prevail. Particular species of that life form (economic entities) survive due to obtaining specific features from their engineers (founders) providing them with competitive advantages.
If the specialists are right, and smart contracts really provide businesses with all the advantages they talk about, therefore, those species that get equipped with that amazing stuff, must be surviving more effectively, and finally outnumber those who failed to adopt the feature. May this evolutionary process be already launched, but in a form hindering recognition of ‘pure’ smart contracts?
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