Analyzing Ethereum Smart Contracts, Gas And dApps Relationship For Future Ether (ETH) Price
Recentralizing Smart Contracts May Enhance Ethereum
Smart contracts were originally seen as a threat to attorneys, clerks, middlemen, and many others – but now, the tide seems to be changing. Smart contracts are widely being adopted, especially because it isn’t always necessary to have a third party overseeing the contractual process.
On the same note, a new debate has been stirring around the degree of decentralization that people are looking for in their products. The consensus seems to be that people are not looking for much decentralization. For instance, many are wary of forgoing customer service and user experience just to eliminate the need for a third party.
The legal field, rather than fearing smart contracts, has been finding a way to add them to their industry. For many attorneys, such contracts may complement their work and bolster growth. According to the National Bar Association:
With the rising importance of smart contracts and the potential for blockchain technology to be used in other facets of legal practice, the role of the legal practitioner will likely evolve to require lawyers to have at least basic coding knowledge and programming skills.
Sagewise, a platform built on the Hashgraph blockchain, works to provide contract resolution as a safety net for smart contracts that provides third-party arbitration in disputes. According to the platform’s co-founder, Daniel Rice, “One of the biggest issues with smart contacts is even if there is not an explicit bug, there might just be something in the contract that gives a single party a massive amount of control.”
He further added, “We’ve seen several ICO contracts that allow the creator to freeze or in some cases even execute custom code inside the smart contract. This can defeat the purpose of using a decentralized smart contract completely and is the reason we provide tools that allow for more reasonable governance of individual contracts.”
Sagewise can also function as an arbitrator. The platform ensures that issuers are accountable to white paper promises in the ICO context, even if the text of the contract is written on paper and not on a contract.
Further, Matthew Griffin of Blockchain Labs, a smart contract writer and auditing system, agrees that third party emergence is inevitable. The system will deploy a centralized platform form smart contracts.
As Griffin mentioned, “It’s an unfortunate name, because they are neither smart nor contracts. What they do is enforce logic in a powerful way in certain uses. However, they won’t fulfill the vision of disintermediating middle men and professions like lawyers.” He further added, “Blockchains and smart contracts are not good at reflecting things in real life.”
Concerning the complexity of decentralization and the introduction of human trust into the consensus process,
Griffin commented “As much as we would like to you can’t do everything off-chain. I don’t think we’ll be moving to a fully decentralized world but one where it becomes easier and cheaper to achieve a degree of decentralization where it makes sense.”
Sagewise recently released a blockchain-based application allowing for digital signatures, called Blokusigh. The system will be integrated with Gmail.