It's funny that it just re-invented stuff already used for old world finances, and just invented escrow with more moving parts while still requiring non-compromised 3rd party.
Not really. Smart contracts ensure that if all the conditions are met, the contract will be fulfilled. They achieve that through decentralisation: no one person can decide whether or not it will be fulfilled.
No real world contract can replicate that - you have to go to court to enforce a breach of contract and it isn't certain you will succeed. Even if you succeed the other party can refuse to comply, and then you need to try to enforce, which also may or may not work.
On the contrary, I think many real world contracts replicate the property that a bunch of people have to sign off on it and no one person decides whether it will be fulfilled.
> Not really. Smart contracts ensure that if all the conditions are met, the contract will be fulfilled.
Not really. Smart contracts ensure that if all the conditions IN THE CHAIN ITSELF are met, the contract will be fulfilled.
"The product you paid got delivered" is not on chain. It can't be verified without trusted party putting that info in the chain. Sure, it can be made into multiple entities confirming if needed but it is still dependent on "some people" rather than "true state of reality.
> No real world contract can replicate that - you have to go to court to enforce a breach of contract and it isn't certain you will succeed.
The oracle can lie and be unreliable too. It would be great system if you mangaged a video game where the currency system can see the objective state of the world, but ethereum can't, needs oracle(s).
In both cases you basically rely on reputation of oracle, or escrow company in case of old money transaction, to have high degree of safety.
