[camdenlock]

As far as I understand it, all that matters is the logic of the smart contract code, and possession of private keys. Humans are removed completely from the process. If you own the private key involved in a transaction, then that is the guarantee you’re looking for. All that’s left is to examine the smart contract code in order to figure out what sort of contract to which you’re now a cryptographically-guaranteed party.

No person enforces anything. Only the math does. And I think that’s entirely the point.

[buboard]

> Humans are removed completely from the process

Do you have an example of an organization that works this way, 100% automated? It's hard to think of a system that can be 100% foolproof, there is always someone somewhere that has to trigger something manually, and that 's the weak spot.

[camdenlock]

Nope, I don’t. And I’m not a particular proponent of this approach. This is just how I understand it.

I think the ultimate goal is to have smart contracts which don’t require any of the human intervention you’re mentioning. How that’ll be possible remains to be seen...