Smart Contract

02What People Think

"Smart means it understands what the deal was supposed to achieve."

03What’s Underneath

The program follows its code. It does not independently judge whether a rule is fair, an input is truthful or the result matches everyone's intention.

A payment linked to weather, for example, needs a source reporting the weather. The program can execute correctly while relying on an incorrect outside report.

Bugs and retained administrator powers create other possibilities. An audit can examine code, but it cannot turn every assumption about the surrounding world into a guarantee. Legal enforceability is a separate question from execution.

04The Game

Which facts come from outside the program, who can change its behavior, and what recourse exists if its correct execution produces the wrong practical outcome?