What are the limitations of smart contracts?
An example of an AI chatbot conversation about the limitations of smart contracts.
What are the limitations of smart contracts?
Smart contracts have several limitations, including lack of legal recognition, coding errors, and scalability issues.
Can you explain the legal recognition issue?
Sure! Many jurisdictions do not recognize smart contracts as legally binding, which can create enforcement challenges.
What about coding errors? How do they affect smart contracts?
Coding errors can lead to vulnerabilities or unintended outcomes, potentially resulting in financial losses.
Are there any scalability issues with smart contracts?
Yes, smart contracts can face scalability issues, especially on networks like Ethereum, where high demand can lead to slow transactions.
What can be done to overcome these limitations?
To overcome these limitations, improvements in legal frameworks, better coding practices, and enhanced blockchain technology are needed.
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