What Are the Challenges and Limitations of Smart Contracts?
Despite their benefits, smart contracts also face several challenges:
Complexity: Writing and deploying smart contracts require a high level of technical expertise. Legal Recognition: There is still uncertainty regarding the legal status of smart contracts in many jurisdictions. Scalability: Current blockchain platforms may struggle to handle large volumes of transactions efficiently. Immutability: Once deployed, smart contracts cannot be easily altered, which can be problematic if an error or a change in agreement terms occurs. Security Risks: While blockchain is secure, smart contracts can be vulnerable to coding errors and vulnerabilities.