Not very good ..Why you ask?..
Sometimes many times us humans think we made the right choice but never ..
I payed you 1 year later i am not happy my house fell down and you built it
..
So how does a blockchain make a right decision ?..
Can a blcokchain correct the future with no law enforcement?..
Imagine a smart contract if the time wait is to long on an escrow because of no trust then waiting to long
is not good other means faster than blockchain to receive your monies goods or work in a faster manner..
Now imagine a smart contract with no central body to enforce it on a blockchain if both parties fail what happens then the blockchain LOCKS them both out for breaking the contract..
So they both loose?..
What happens if everything is ok at the start i pay you out but later after i payed you because i agreed
to pay you and you are happy what happens if my home falls down 1 year later who do i see?..
Well no law because everyone saying a decentralised world and a decentralised world has no police to enforce anything so the smart contract on the blockchain has to enforce it how i will never know ..
Send heavies to collect?..Then i blow your head off as soon as you knock on my door NO LAW
Remember it's a decentralised world
MAD MAX WORLD ..