Challenges with Smart And Smart Legal Contracts
The data or the contract can be entered incorrectly by human error. Data is added into blockchains from external sources called ‘oracles’ that both parties must be able to trust. Oracles can be accidentally or intentionally corrupted.
What’s An Oracle And What Does That Have To Do With Blockchain And Smart Contracts?
Oracles are services that send and verify real-world events and submit this data to smart contracts, triggering changes-of-state on the blockchain. An oracle feeds information into the blockchain underlying the smart contract execution.
Where A Smart Legal Contract Could Work: Real World Application
Tokenisation in real estate. Already in South Australia, changes to the traditional property market with the introduction of digital innovation is dramatically disrupting the way everyday people can access this market. physical brick-and-mortar property can now be accessed pro rata.