Automation in smart contracting reduces negotiation between counterparties to near minimal levels and removes almost all of the transaction costs typically associated with contracting.
Source quote, verbatim
Negotiation between counterparties is near minimal, transaction cost typically associated with contracting are almost entirely removed by the automation.
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Wulf A. Kaal, Decentralized Commerce – A Primer on Why Decentralized Reputation Verification Systems Are Needed (2019), III. Benefits of Smart Contracts, p. 5 https://ssrn.com/abstract=3405401 · source PDF
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Wulf A. Kaal, Decentralized Commerce – A Primer on Why Decentralized Reputation Verification Systems Are Needed (2019). SSRN: https://ssrn.com/abstract=3405401
extended_bykaal:claim:3406323-030 Smart contracts enable anonymous parties to engage in decentralized commerce because automated contracting sel...
restateskaal:claim:3373393-025 Smart contracts enabled by blockchain technology allow comprehensive, near error free, and zero transaction an...
contested_bykaal:claim:5554218-022 Automating smart contracts under the code is law paradigm incentivizes unethical behavior by enabling anonymou...
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