Hybrid Smart Contracts Will Replace The Legal System

While many were considered revolutionary, most — if not all of them — are based on smart contracts. Smart contracts are, therefore, the first and biggest blockchain product that allowed all others to come to be.

Smart Contracts – A Major Disruptor

Smart contracts started changing the world as soon as they emerged, showing the entire world that the era of traditional contracts that require lawyers and lengthy, expensive procedures is over. However, there was still room for smart contracts themselves to evolve and advance, which led to the creation of hybrid smart contracts.

This was necessary as original smart contracts, as good as they were, did not have access to off-chain data, which made them limited and unable to perform calculations with regards to information that was needed, but unavailable. By connecting them to the real-world via oracle networks, hybrid smart contracts came to be, and now, their potential is next to limitless.

By allowing smart contracts access to off-chain data, developers made it possible to completely replace traditional contracts of all kinds. Not only that, but they also have higher computational complexity, which also allows them to be used for alternative purposes, such as ad auctions.

Hybrid Smart Contracts

I believe that hybrid smart contracts will eventually completely replace traditional, written ones. Not only do hybrids have all the benefits of original smart contracts, but they also resolve a number of flaws. They can be used between individuals, individuals and businesses, businesses and other businesses, and even the government.

They are immutable, decentralized, transparent, and based entirely on algorithms, so there is no chance of a human error, nor do they allow any kind of shady behavior. They can also make it not only possible, but easy for companies based in different countries to make deals, collaborate, and alike.

So, to put it simply, hybrid smart contracts are the future, and they will transform the way anything is done around the world.

Are you optimistic about the use of hybrid smart contracts?

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