Blockchain technology has the potential to solve a dizzying array of problems, both large and small. Many people, recognizing the depth of this promise, have hung heavy expectations on the growth of the space. In particular, a number of observers have begun to view the smart contracts that underpin many blockchain projects something close to a panacea, with the power to “fix” contracts completely. We must guard against such unmitigated exuberance if we want to harness smart contracts for their true potential.
I don’t disagree that smart contracts are a transformational tool with enormous potential to improve commerce. But I want to cool some of the hype before it turns into complacency.
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