We have always been intrigued by smart contracts.
What are its strengths and weaknesses? What types of contracts can it be used for? For instance, can be it used in an oil and gas construction project worth, say, $4billion, involving a large oil and gas major like Total and a consortium of EPC contractors like McDermott, Technip and Samsung with numerous sub-contractors numbering few hundreds and more sub-sub-contractors? In a project like this, parties make provision in the contract by way of contractual clauses for changes during the performance of contract, to cater for factors they have not foreseen. These changes could be triggered by acts or omissions of the parties themselves or due to extraneous factors like force majeure.
On the face of it, it looks like it can handle only simple contracts where there are only two or perhaps three parties each time a contract is signed.
Perhaps with the help of iot and ai, smart contracts might be able free itself from some of its current limitations.
Will be reading/watching the list of resources recommended. We are sure it will be helpful to clear some of the doubts we have and expand our knowledge.
Thank you for the post and the resources.