The question challenges us to think creatively about how to leverage emerging technologies while navigating legal and commercial considerations to maximize the potential of smart contracts in the real world. The factors to consider are standardization, oracles, decentralized identifiers, smart legal contracts, privacy-preserving technologies (zero-knowledge proofs, homomorphic encryption), regulatory compliance, etc.
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The next step is the use of AI to govern smart contracts, possibly under a DAO all with a legal compliance AI under human supervision
Rafael Dean Brown, thanks for answering. Great idea. The large language models could generate code of the smart contracts, but the output is not very accurate. It needs supervision by software engineers and lawyers. The AI could also help with the cybersecurity of the smart contracts to find vulnerabilities and bugs in the code. Do you have any other ideas on how the AI could help in governing the smart contracts?
I believe that this question is very difficult to answer in a short and concise way, as it is very important to understand and specify the uses of smart contracts, the legal nature and recognition the blockchain operates with, as well as the sector or service it provides.
Without solving these issues, it would be quite difficult to achieve the intended outcomes of using emerging technologies.
Dear Omar Farouk Al Mashhour,
Thanks for mentioning the issues related to specific uses of the smart contracts.
There are a wide variety of possible applications. The smart contracts can be effectively applied in B2B transactions in such sectors as financial services, insurance; technology, media sphere, communications, distribution of royalties to authors; energy supply; government sector; bookkeeping, accounting, office work; intersectoral sector; voting, peer-to-peer transactions, supply chain, etc.
My favorite example is in the insurance sector. The farmer yields crops only if the temperature is above a certain degree. If the temperature gets low, the farmers cannot get the yield from the field. The farmer protects risks with an insurance company. We all know the insurance company is an example of a company we cannot trust. A self-performing smart contract guarantees the payment of the insurance as soon as the temperature goes low.
Do you think it would be easier to answer the main question in the context of the InsurTech example described above?