Nobel Prize-winning economist joins blockchain startup to fix smart contracts
Smart contracts are DOA, it&#x27;s not an economic issue, it&#x27;s a technical one; the rules of the smart contract can only be enforced on the blockchain, any concerns outside of that must necessarily fall back on the traditional legal system for enforcement thus eliminating any utility the smart contract intends to provide.<p>edit: I&#x27;m not saying there is no value in systems of arbitration outside the traditional legal system, I&#x27;m saying that a blockchain is super wasteful and expensive relative to a centralized system that can accomplish the same guarantees because they share the same legal underpinning, i.e. the courts. There is no legal difference between a smart contract and word document.