Blockchain-based smart contracts can revamp businesses and stakeholder relationships but, as with most major structural changes to a company, it’s important to do them right argues a software engineer.
When was the last time you got a late payment? Chased an invoice? Waited for your monthly paycheck only to realize it’s late yet again? You might relate to these headaches as an investor, employee or client. But the tension that affects each of these unique parties is often caused by one unwavering contributor: an underlying traditional contract.
Companies can proactively prevent these issues from arising by bringing their contracts up to speed with the rest of their innovation. Smart contracts are stored on the blockchain and, unlike traditional contracts, are executed by the blockchain’s programming rather than by a person. So, smart contracts can enforce the terms of legal contracts automatically. This relieves either party from remembering the agreement and timelines, ensuring simplified and definite term executions.
As with any contract, when there are loopholes in the agreement, either party can exploit it. Loopholes or oversights in smart contracts, which exist on a public ledger, can be exploited by an external bad actor. And we’ve seen it happen before: NFT creator Micah Johnson$34 million after an anonymous user exploited the smart contract during his NFT collection’s launch.
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