This is actually a great explanation of smart contracts. The word contract is a bit deceiving so I appreciate the layman breakdown and some real work examples of how it contrasts with traditional methods.
hmm. what if the truck really did never ship the goods provided as descirbed in the smart contract and the funds are released. The people that payed the truck company is screwed.
Please clarify. I understood that the regular legit written contract works, but sometimes with a problem that may delay payment or cut in 1/2. So; how would I allow a fast smart contract that ia exclusive for payment and products are wrong, damaged or lessl??
Right, like he made it seem like if only half the load arrived that the company would just have to accept that they got shafted because the transaction is final and can't be changed. That was the only part of this video that eft me more confused than when I got here.
@@LegalBriefs Ahh okay, now I get it I think. I'm not very familiar with barcode scanning now that I think about it. Thank you for clarifying that! I'm wondering if something like VET can do that product authentication and smart contract process completely.
Ecclesiastes 1:9 KJV - The thing that hath been, it is that which shall be; and that which is done is that which shall be done: and there is no new thing under the sun.
Thank you Jeremy, very uselful and easy to understand video. I subscribed to the channel and I am looking forward to watch more interesting content such as this one. Cheers.
I was going to comment the way you explain / educated us is like a great Teacher. And then I remembered. OH YEAH. You were a Teacher. Best to your family and. Thank you for ALL your great input. 👍
In example one - You present a dispute resolution for a traditional contract. In the blockchain example - you do not present a solution for dispute resolution for a breach of a smart contract. I don't understand.
Hi Jeremy, if I understood you correctly the purchaser of the service or product is more exposed under a blockchain transaction. What are the remedies available to the purchaser? Also in the case of a smart contract mortgage where the borrower borrows from a group of lenders, the legal costs may be greater than the amount of money borrowed making recovery via the legal system uneconomic. This, I would think would be further exacerbating if the lenders were in other countries. Am I correct?
What if a smart contract is executed fully, but appears to contain sensitive data (like passwords or personal data)? I mean once it's in the blockchain it can never be corrected, right?
That''s more a tech issue but I happened to recently read this article somewhat on point: medium.com/ing-blog/how-to-keep-data-private-on-a-blockchain-252848ae228e
Implement a mechanism an “if” that if only a portion (at a predetermined “fixed” per unit value) are delivered “then” only said equal monetary amount will be delivered to the trucking companies account. This way if factors outside of either of the parties control occurs such as bad weather etc, occurs no party is penalized.
In the example wouldn't the automatic execution of the contract lead to instant litigation? Seems to me that the automatic contract would cause more problems than it solves...
👆👆👆👆👆👆👆📩 Appreciate the Comments... For Tutors , Reach Me With the Digital Text Message Numeric Helpline above For investment Constructive Satisfaction .
Huh? So if only half the goods arrive at the warehouse, there is still no way to stop the full payment if the parties are using a smart contract? How is this a good thing...
Good explanation, but there is still the issue that the transportation company might or might not transport 100% or less and there is some real world instace that decides what 100% is. The blockchain certainly can't determine if one party has fullfilled her duties or not. If this determination is not neccesary it's rather a dumb contract. On the other hand if its only a matter of delivered weight i can imagine that some kind of automated system translate the cumulated weight to the blockchain which makes the payment if the agreed weight is reached. Considering that the automatation of the determination of fulfillment is only possible for the simplest countable facts it seems we still have a long way to go until this works for a lot of real world applications.
Blockchains and smart contracts need oracles to get real world data. Chainlink is the most used decentralised oracle solution. An oracle would feed the data regarding the transportation company example into the smart contract which would then self execute if everything was fulfilled.
@@cullensmith2342 Maybe if the AI's are progressing also facts that are not like 2+2=4 can also be determined correctly. At the moment the oracles are still relatively dumb calculators which need to be feed with mostly unambiguous data.
No matter what happens Jeremy please understand I do not, nor ever have thought of you, as a 3rd party. You are a human being, a human being who happens to be a future 3rd party within a digital system. BTW, Never understood the hole 3rd party terminology? All the sudden the 3rd party is in the house!! Yet i never remember a 1st, or 2nd party??? ***Ba dum tss***
your using the wrong blockchain. wait until coins like xrp are locked into millions or billions within banks, it's stable and they will utilize it. the value comes from this utilization not on the trade value necessarily, imo
This is foolish.... having a simple contract reside on thousands of computers is silly. Self executing contracts sounds good but fail miserably when people want to make a simple amendment. How would rents be deferred in the event of a covid eviction moratorium? These contracts are dumb not smart.
Horrible explanation… you basically showed me why I wouldn’t want to use a smart contract. If half my shipment arrived I WANT THE BANK to stop payment! Duh!
Thanks for watching. I love this subject - 2nd most interesting thing ever.
Whats number one???
This is actually a great explanation of smart contracts. The word contract is a bit deceiving so I appreciate the layman breakdown and some real work examples of how it contrasts with traditional methods.
Very good example with the Vending Machine. Helped me a lot to understand the basic idea of smart contracts. Thanks
*putting payment in vending machine*
*no drink comes out*
* press refund button*
*no money comes out*
*kick machine*
*money and drink come out*
Very important. I’m happy that I found this explanation.
hmm. what if the truck really did never ship the goods provided as descirbed in the smart contract and the funds are released. The people that payed the truck company is screwed.
@@noahrodriguez1895 never said never!! But 🤔🤔🤔🤔
I'd like to hear part II which should have the more interesting issues from a legal perspective.
Please clarify. I understood that the regular legit written contract works, but sometimes with a problem that may delay payment or cut in 1/2. So; how would I allow a fast smart contract that ia exclusive for payment and products are wrong, damaged or lessl??
Right, like he made it seem like if only half the load arrived that the company would just have to accept that they got shafted because the transaction is final and can't be changed. That was the only part of this video that eft me more confused than when I got here.
Look forward to hearing about part 2!!
Sorry where can I find the part 2? Any link?
What happens if the transport service only sent in half of the goods with a smart contract? Did I miss something?
If the transport company only transported half the goods not all the goods would have been scanned and the payment wouldn't have been triggered.
@@LegalBriefs Ahh okay, now I get it I think. I'm not very familiar with barcode scanning now that I think about it. Thank you for clarifying that! I'm wondering if something like VET can do that product authentication and smart contract process completely.
Looking forward to Part II.
Thank you, Jeremy, this was great! Waiting for part 2!
Interesting that we have been using smart contracts all this time.
Ecclesiastes 1:9 KJV - The thing that hath been, it is that which shall be; and that which is done is that which shall be done: and there is no new thing under the sun.
I looked and can’t find part 2. Can someone please post a link to it?
Loud and clear - thank you, Jeremy
Thank you Jeremy, very uselful and easy to understand video. I subscribed to the channel and I am looking forward to watch more interesting content such as this one. Cheers.
I was going to comment the way you explain / educated us is like a great Teacher. And then I remembered. OH YEAH. You were a Teacher. Best to your family and. Thank you for ALL your great input. 👍
In example one - You present a dispute resolution for a traditional contract. In the blockchain example - you do not present a solution for dispute resolution for a breach of a smart contract. I don't understand.
Your breakdown of tokenomics was incredibly insightful.
Thanks for this info!
How would the parties in the example you provided deal with that same partial shipment scenario with a smart contract?
extremely interested in part 2, that's where all my questions about smart contracts lie!
Someday...if I can find some time... :)
@@LegalBriefshave you found the time? Lol I’d like part 2 also
Hi there ! I don’t see the part 2 in your videos, is that correct or what is the title ? Maybe I am just keep missing it 🤦♀️😂
I'm looking for it too🤦🏽♂️
This is exactly what I needed to understand DeFi better!
How do you do your graphics? :)
But the other half of the shipment didn’t come, how does smart contract deal with that?
is there a part 2 posted, having trouble finding it ✨❓
I learned something new today; thank you for sharing your knowledge.
Is part 2 available?
Alright, I’m intrigued. Looking forward to Part 2.
Maybe next week.
Hi Jeremy, if I understood you correctly the purchaser of the service or product is more exposed under a blockchain transaction. What are the remedies available to the purchaser? Also in the case of a smart contract mortgage where the borrower borrows from a group of lenders, the legal costs may be greater than the amount of money borrowed making recovery via the legal system uneconomic. This, I would think would be further exacerbating if the lenders were in other countries. Am I correct?
So are you going to do part 2 of enforcement
What if a smart contract is executed fully, but appears to contain sensitive data (like passwords or personal data)? I mean once it's in the blockchain it can never be corrected, right?
That''s more a tech issue but I happened to recently read this article somewhat on point: medium.com/ing-blog/how-to-keep-data-private-on-a-blockchain-252848ae228e
This was helpful!
Thanks...
All of my contracts smart
well explained thank you for being so particular....
Thanks, this was super clear!
Isn’t it bad that you can’t stop the transfer if they short you?
Implement a mechanism an “if” that if only a portion (at a predetermined “fixed” per unit value) are delivered “then” only said equal monetary amount will be delivered to the trucking companies account. This way if factors outside of either of the parties control occurs such as bad weather etc, occurs no party is penalized.
What happens when the vending machine doesn't give you your coke and took your quarter?
You mention a part 2 on smart contracts. What is the title of the next video on smart contracts? Thanks!!!!
Where is part 2?
Wow! Looking good Jeremy!
Thanks Mia.
2024 and looking forward to Part 2. Insane body of work you’ve got here
What happens when a smart contract is supplemented with new programming or rewritten to alter the original function?
Wow! Interesting.
Glad you think so!
In the example wouldn't the automatic execution of the contract lead to instant litigation? Seems to me that the automatic contract would cause more problems than it solves...
That's correct but it can operate to shift risk.
So what happens if they only get half the goods? The contract pays 100k?
👆👆👆👆👆👆👆📩
Appreciate the Comments... For Tutors , Reach Me With the Digital Text Message Numeric Helpline above For investment Constructive Satisfaction .
Huh? So if only half the goods arrive at the warehouse, there is still no way to stop the full payment if the parties are using a smart contract? How is this a good thing...
Groovey Bar - Well said as always!!
Thanks Brendan!
early in the blockchain legal space. keep going
One of the best explanations of smart contracts that I've encountered so far. 👌🏾
We want the other lawyer again. :)
Won't u b consulting, on these contractz? Less work, BUTT mo $? Perhapz, a royalty, paid after a certain number of flawless transactionz?
big fan of mr.Hogan
Jeremy please make the second part to this, this video was really helpful and appreciate the work you put in for us here1
Part 2 please!
Good info
Know of anyone who can help put a couple things together using smart contracts?
This looks like it will be the new thing...
I agree that you should trust no one.
Good explanation, but there is still the issue that the transportation company might or might not transport 100% or less and there is some real world instace that decides what 100% is. The blockchain certainly can't determine if one party has fullfilled her duties or not. If this determination is not neccesary it's rather a dumb contract. On the other hand if its only a matter of delivered weight i can imagine that some kind of automated system translate the cumulated weight to the blockchain which makes the payment if the agreed weight is reached. Considering that the automatation of the determination of fulfillment is only possible for the simplest countable facts it seems we still have a long way to go until this works for a lot of real world applications.
Blockchains and smart contracts need oracles to get real world data. Chainlink is the most used decentralised oracle solution. An oracle would feed the data regarding the transportation company example into the smart contract which would then self execute if everything was fulfilled.
@@cullensmith2342 Maybe if the AI's are progressing also facts that are not like 2+2=4 can also be determined correctly. At the moment the oracles are still relatively dumb calculators which need to be feed with mostly unambiguous data.
No matter what happens Jeremy please understand I do not, nor ever have thought of you, as a 3rd party.
You are a human being, a human being who happens to be a future 3rd party within a digital system.
BTW, Never understood the hole 3rd party terminology?
All the sudden the 3rd party is in the house!! Yet i never remember a 1st, or 2nd party???
***Ba dum tss***
Bitcoin just went up past $30k . How can you pay in Bitcoin any contract..too volatile
The middle man removed in most instances will be lawyers
Smart crypto = XRP = all the investors money to the founders pocket..........simply
No banks are needed when it comes to crypto.
WHY DID WE NOT USE BLOCKCHAIN THIS LAST ELECTION???!!!!
Awesome 😍💋 💝💖♥️❤️
Thanks 🤗
Paying a contract with crypto is impossible because the price is up and down too much.
your using the wrong blockchain. wait until coins like xrp are locked into millions or billions within banks, it's stable and they will utilize it. the value comes from this utilization not on the trade value necessarily, imo
You don’t have to pay in crypto, you can pay in fiat money or a crypto stable coin (pegged to $1 usd
Won’t smart contracts put lawyers out of business¿¿
we all need information and guidance on new ventures
Will I ALWAYZ git my Coke, wit these SMART conTRACTZ?
Automation, don't ALWAYZ work, does it?
Smart contracts don’t seem all that smart.
They have a ways to go - will address it in Part II.
Attorney on RUclips has to be getting paid by someone.
Please I wonder who
I wish... I make like $50 a video from RUclips - mainly do it for fun.
Xrp will be king
This is the problem. Uneducated ‘experts’ explaining something that simply is not true.
13:43 I love that. Do you love me? 😍💋 💝💖❤️
Yes, yes I do.
@@LegalBriefs let them hear
This is foolish.... having a simple contract reside on thousands of computers is silly. Self executing contracts sounds good but fail miserably when people want to make a simple amendment. How would rents be deferred in the event of a covid eviction moratorium? These contracts are dumb not smart.
Horrible explanation… you basically showed me why I wouldn’t want to use a smart contract. If half my shipment arrived I WANT THE BANK to stop payment! Duh!
Doge signing a smart contract, you herd it here first....
Etherium will get dumped
Your breakdown of tokenomics was incredibly insightful.