It is for this reason that smart contracts have a very limited application.
Since they are rigid and self-enforcing, not allowing the parties to modify them during the process, they do not allow their parties to modify their terms in order to adapt to a new economic condition.
Love this essay. A small amendment I’d make is that smart contracts actually can be designed to be quite modifiable. Sometimes immutability is the intention, though in many cases there are governance rules which determine how terms can be continuously modified.
Love this essay. A small amendment I’d make is that smart contracts actually can be designed to be quite modifiable. Sometimes immutability is the intention, though in many cases there are governance rules which determine how terms can be continuously modified.
Who adjudicates the ‘governance rules’?