Hybrid smart contracts will replace the legal system
Hybrid smart contracts will change the world by revolutionizing the legal system that exists today.
The era of unintelligible contracts written in legalese by lawyers in $2,000 suits with degrees from Ivy League schools is over. The contracts of the next century will be hybrid smart contracts, written in code by programmers wearing $20 hoodies and living in their NYC-shared apartment.
What is a hybrid smart contract ?
Smart contracts are self-enforcing contracts, written in code and executed by the blockchain. These smart contracts are great at sending and receiving money, and doing simple calculations, but they cannot access off-chain data, perform complex calculations or generate random numbers on their own.
Those limitations previously prohibited smart contracts from fulfilling many of the roles that traditional legal contracts currently hold. Now, the introduction of oracle networks onto the blockchain promises to solve this problem. Oracle networks can provide verifiable randomness, off-chain data and additional computational resources to smart contracts.