Contracts can be smarter on Cardano

Blockchain is used as a transactional network. The big step forward would be if the blockchain technologies are used also for agreements. It is just a natural and logical step and programmable money will be a standard in the future.

The future of money

Paper agreements between parties can be perceived as a layer above money. Every money exchange has a context. The context can have many forms. It can be verbal and informal when conditions are simple, parties know each other well, see each other in one place, or disputes are not expected. For example, when you pay at the cash desk, both parties see each other. The context can be formal and it can have a written form. It is needed when parties do not know and trust each other. It is usual in the business world. For example, when one business partner will pay for a house when the data is changed in the cadastre.

Currently, we use blockchain as a transactional network. It can be said that the processing of transactions is decentralized. Regarding the transaction contexts, they are not usually decentralized. It works fine for verbal and informal contexts. However, it is worse for formal or complex contexts. It is possible to use decentralized transactions and stick to the current centralized form of agreements. For example, it is possible to create a paper contract that will…