Smart contracts got a lot of hype. It was promised that they could replace banks, notaries and even the judicial system. Over time, it turned out that they can’t.
Excitement changed to caution. Technical limits, their security, and legal issues are getting more and more attention. For example, there’s a great summary of those in Jimmy Song’s article, The Truth about Smart Contracts (which I really recommend).
At the same time, smart contracts are a great technology with serious potential. They can change the legal reality, the work of lawyers and the life of the business.
So, let’s see what they actually are, how useful they can be for the actual business and what they still can’t do. (To keep the article relatively short, I assume that everybody’s familiar with a general concept of smart contracts and myths related to them.)