Limitations of smart contracts
Smart contracts hold tremendous power, but they do have limitations. It is important to note that these systems are only as good as the people building them. So far, many smart contract systems have failed due to unforeseen bugs and events that were not part of the initial design. In many cases, these were merely technical flaws that can at least be fixed in time. However, with the recent rush to use blockchain technology for everything, we are likely to start seeing more substantial failures as people fail to understand the limits of the technology. For blockchain to truly have a maximum business impact, both its advantages and limitations have to be addressed.
Data quality and mistakes
Like all systems, smart contracts are only as good as the data they act on. A smart contract that receives bad or incorrect information from the network will still execute. On blockchain systems, this can be a huge issue as most transactions initiated by a human or a contract...
