Too Long; Didn't Read
In this short piece I will propose a simple and intuitive approach to smart contracts that presents two categories of use cases: 1) <strong>internal enforcement </strong>and 2) <strong>external enforcement</strong>. For both of them I will present some examples as well as a brief discussion of their limitations. The goal here is to cut away all the buzz and fog around their potential applications and provide a simple and intuitive starting point for future discussions. Having read many articles and posts regarding smart contracts, I feel the lack of the segmentation I will present below leads to a lot of confusion surrounding their applications, often resulting in a) an over estimation, or b) a complete dismissal of their potential. I believe smart contracts can add a great deal of value in a variety of scenario’s but we have to understand the context in which we aim to apply them.