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In general, there were two fundamental challenges that needed to be addressed before smart contracts could be used in the real world. First: How would a smart contract actually control real assets so that it could enforce an agreement?… Second: What computer would be trusted to “execute" those terms in a way that both parties could rely upon?
From How Close Are Smart Contracts to Impacting Real-World Law? - CoinDesk
The emergence of the blockchain as the existence proof of a consensus protocol capable of operating an entirely trestles environment opened up new possibilities for dealing with the second problem, but the first one remains difficult to address. As Gideon Greenspan, who I take very seriously on such matters, has pointed out, the link between the world of the blockchain and the "real" world must be managed by a trusted entity, otherwise the blockchain cannot know that the state of the real world has changed.
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