[TL;DR]
- The current contract system has structural limitations that make it difficult for small businesses and individuals to access, due to high trust costs, complex legal procedures, and dependence on intermediaries.
- Smart contracts realize trust without intermediaries and enable instant settlement through automated execution, P2P direct transactions, and transparent, immutable conditions coded into software.
- With WaaS infrastructure, the complex blockchain technology is fully abstracted, allowing ordinary users to easily utilize smart contracts.
1. Structural limitations of the current contract system
1.1. The paradox of trust costs: excessive price paid for belief
Freelancers and small business owners face a harsh reality when entering into contracts. To properly use legal consultations, draft contracts, notarization, and escrow services, significant costs are incurred. In reality, most people skip formal contract procedures precisely because of this cost burden, especially in small transactions. Even just the lawyer’s consultation fee or notarization fee can drastically reduce profits, so most people end up making promises via simple messenger chats or email.
As a result, many freelancers and small business owners rely on verbal agreements or advance payments, leaving them without any protection in the event of a dispute. This structural problem has become entrenched across the entire industry. Legal services still maintain hourly billing systems, notarization processes still require offline visits even in the digital age, and escrow services have maintained the same fee structures for decades despite technological advances.
Worse still, these high entry barriers exacerbate economic inequality. Large companies can make safe contracts with in-house legal teams and ample capital, but individuals and small businesses are forced to trade without proper safeguards due to cost burdens. While technology has advanced, trust systems remain stuck in the analog era, creating an unfair structure where weaker parties bear greater risks.
1.2. Complex legal procedures and slow dispute resolution: an inefficient trust structure
Writing a contract is one problem, but resolving disputes when they occur is even more discouraging. Legal resolution of disputes over delays, quality issues, or non-payment requires months to years and enormous costs. In civil lawsuits, the first trial alone takes an average of more than eight months, and if appeals and further proceedings are included, it usually takes three to five years. When you add up attorney fees, court fees, and various proof costs, the litigation expenses often exceed the disputed amount itself.
Considering the rapid pace of the digital age, by the time a dispute is resolved, everything is often already meaningless. Especially in fast-moving fields like IT or content production, even a few months' delay can be fatal. As new trends emerge and disappear quickly, focusing on the next opportunity rather than resolving disputes has become the more rational choice.
Alternative dispute resolution methods like arbitration or mediation also have clear limitations. Arbitration fees remain high, and it takes months from selecting an arbitrator to reaching a decision. Moreover, if the other party refuses to participate in arbitration, you still end up going to court, which happens frequently. While online dispute resolution platforms have emerged, they lack legal binding power and enforcement capabilities, so they do not serve as fundamental solutions.
As a result, many businesses end up giving up on disputes and simply accept the losses. Considering the time and costs required for resolution, it is often economically more reasonable to acknowledge the loss. This creates a vicious cycle of tolerating injustice and damaging trust, ultimately harming the soundness of the entire market.
1.3. Dependence on intermediaries and information asymmetry: an unequal contract environment
The biggest beneficiaries of the current contract system are intermediaries. In real estate transactions, brokers; in financial transactions, banks; and in e-commerce, platforms all stand at the center of transactions, taking substantial fees while avoiding actual responsibility. They exploit information asymmetry to exaggerate their necessity and limit opportunities for direct interaction between parties.
Information asymmetry, in particular, causes serious problems. When an ordinary consumer signs an insurance or loan contract, it is nearly impossible to fully understand the complex terms that often span dozens of pages. Financial institutions know all the exception clauses and hidden fees, but consumers struggle to grasp even the core contents. This cannot be considered a fair transaction and severely undermines the fundamental principle of equality between parties in a contract.
The monopolistic positions of online platforms also pose problems. To sell an app on an app store or food on a delivery platform, one must unconditionally accept the fees and rules unilaterally set by the platform. Even if developers or store owners find the conditions unfair, they have no other choice but to comply. This is closer to an imposed condition than a genuine contract.
Another issue with intermediaries is a lack of transparency. Due to complex fee structures and opaque settlement processes, it is difficult for parties to know exactly how much and how costs are distributed. More seriously, intermediaries deliberately maintain complexity to protect their profit structures. Transactions that could be technically simple are kept complex to preserve existing interests, reducing economic efficiency and hindering innovation.
1.4. Limitations of global transactions: trust that cannot cross borders
Despite the digital age, building trust in international transactions remains at a 19th-century level. For a Korean startup to contract with an overseas investor or partner, lawyers, accountants, and translators from both countries must participate in a complicated process. Due to differences in legal systems and commercial practices, completing just one contract can take several months and involve substantial costs.
Exchange rate fluctuations and remittance delays are also major obstacles. In long-term projects, differences in exchange rates between the contract signing and payment time can completely alter the actual contract conditions. Moreover, international remittances still require multiple intermediary banks, with complex paperwork and long processing times due to various financial regulations and anti-money laundering laws. Although cryptocurrencies and digital payment services have emerged, legal uncertainty and regulatory risks make them difficult to use for serious business transactions.
Cultural differences and language barriers also cannot be ignored. Even the same English contract can be interpreted differently in the U.S. and U.K., and differences between common law and civil law systems can lead to unexpected disputes. Especially in contracts between Asian and Western countries, differences in approach to contracts themselves often cause communication difficulties. Time zone differences also create major operational challenges, causing significant delays when real-time negotiations or urgent decisions are needed.
Due to these limitations, many companies postpone or abandon global expansion. For startups and small businesses, the complexity and cost of international contracts act as a barrier to entry, preventing them from leveraging global market opportunities. This not only results in losses for individual companies but also restricts overall economic growth and hinders global competitiveness.
Ultimately, the current contract system fails to meet the demands of the digital age in every aspect: complexity, cost, time, and transparency. It is time for a fundamentally new approach, and blockchain smart contracts offer that solution.
2. Trust innovation proposed by blockchain smart contracts
2.1. Promises written in code: contracts that execute automatically
The most revolutionary feature of smart contracts is that contract conditions are written in code and automatically executed. Unlike traditional contracts written in natural language, which leave room for interpretation, smart contracts clearly define conditions and outcomes in a precise logical structure. All conditions are programmed with "if-then" logic, eliminating ambiguity or disputes over interpretation at the root.
This automatic execution dramatically increases the reliability of contract fulfillment. When a freelancer completes a website and the client approves it, the payment, pre-deposited in an escrow account, is automatically sent to the freelancer. There is no human intervention or separate procedure, and execution is immediate, eliminating traditional problems like payment delays or evasion. Similarly, if deadlines are missed or quality standards are not met, predefined penalties are automatically applied.
More importantly, this automation ensures objective contract performance unaffected by emotions or subjective judgments. In traditional contracts, performance could be delayed or refused depending on the other party's mood or circumstances. In smart contracts, execution happens automatically the moment conditions are met. This provides tremendous efficiency, especially in repetitive and standardized transactions, allowing parties to focus on their core work.
Automatic execution also shows its power in complex multi-stage transactions. In supply chain management, sequential contracts among raw material suppliers, manufacturers, distributors, and retailers can be connected through a single integrated smart contract. When each stage's condition is met, the next stage begins automatically, and payment and ownership transfer are processed instantly, maximizing the efficiency of the entire supply chain.
2.2. Trust without intermediaries: realizing P2P direct contracts
The most disruptive change brought by blockchain smart contracts is that safe transactions can be made without a trusted third party. In traditional contracts, banks, escrow services, notaries, and lawyers played roles in guaranteeing trust. However, in smart contracts, the blockchain network itself guarantees trust, rendering these intermediaries unnecessary.
This results in massive cost savings. The fees previously paid to various intermediaries largely disappear, and transaction costs drop to minimal levels, making even small and frequent transactions economically feasible. More importantly, contracts can be made and executed at any time, regardless of business hours or procedural delays. You can now contract in real time with global partners even on weekends or holidays.
P2P direct transactions also significantly improve information transparency and symmetry. All transaction histories and contract conditions recorded on the blockchain are publicly verifiable, making it difficult for one side to deceive or impose hidden conditions on the other. Since all conditions are explicitly coded, there is no room for post-hoc changes or different interpretations. This greatly enhances fairness, especially in fields with severe information asymmetry.
A decentralized structure also eliminates single points of failure. In traditional systems, if an escrow service provider goes bankrupt or a platform shuts down, all ongoing transactions are at risk. However, smart contracts run on blockchain networks distributed across thousands of nodes, so problems with a specific company or server do not affect the entire system. This greatly improves the stability and durability of contracts.
2.3. Transparent and immutable conditions: promises that cannot be manipulated
Another innovative feature of smart contracts is complete transparency and immutability of contract conditions. The code of a smart contract deployed on the blockchain can be reviewed by anyone, and once deployed, it cannot be arbitrarily modified. This means that no party can later change the contract terms in their favor, realizing a truly immutable contract.
This transparency drastically simplifies the trust-building process before entering into a contract. One can directly check the track record of similar smart contracts executed by the counterparty on the blockchain and compare proposed contract terms with other cases to judge their fairness. There is no longer a need to separately investigate the counterparty's reputation or creditworthiness, as objective data enables informed trust-based decisions.
Immutability is especially powerful in long-term contracts. In supply agreements or licensing agreements spanning 10 to 20 years, it completely prevents the risk of terms changing or interpretations shifting over time. The conditions at the time of contract signing remain exactly the same until the contract ends, making it much easier to establish long-term business plans and investment decisions. This is particularly meaningful for businesses that require a long-term perspective, such as R&D or infrastructure investment.
The completeness of the audit trail is also noteworthy. Every execution process of a smart contract is permanently recorded on the blockchain, allowing perfect tracking of when and under what conditions each action was executed. This can be used for accounting audits, tax reporting, and regulatory compliance, and it serves as objective evidence in the event of disputes. In traditional contracts, disputes often arise over "who did what and when," but smart contracts prevent such conflicts entirely.
2.4. Conditional automatic execution: programmable contracts for the AI era
The true power of smart contracts lies in their ability to automate complex conditional logic. Beyond simple if-then structures, it is possible to reference various external data, consider multiple conditions simultaneously, and execute different results depending on the situation. For example, in crop insurance contracts, weather data, satellite images, and market prices can be analyzed in real time to automatically pay insurance claims.
This programmable feature enables automated transactions between AI agents. In the near future, AI agents will routinely buy and sell data, trade computing resources, and exchange services. In this context, smart contracts serve as the infrastructure allowing AI to autonomously enter and execute contracts without human intervention. In an AI-driven economy with thousands of micro-transactions per second, traditional contract methods simply cannot keep up.
Dynamic pricing and real-time optimization are also strong features of smart contracts. Contracts can be adaptive, automatically adjusting terms based on market conditions and supply-demand changes. In cloud computing services, charges can be dynamically set according to usage; in electricity trading, prices can be adjusted in real time based on supply and demand; in delivery services, fees can vary automatically depending on traffic conditions. All these processes can be automated.
Automated coordination of multi-party contracts is another remarkable innovation. In complex projects involving multiple stakeholders, it becomes possible to automatically distribute profits based on each participant’s contribution and performance. In film production, for example, profits can be distributed in real time according to box office performance to investors, producers, actors, and crew; or in open-source projects, rewards can be automatically allocated to developers according to their contribution levels.
Through these combined innovations, the very concept of contracts is fundamentally being redefined. Moving away from static, fixed promises, we now have living contracts that evolve and adapt to circumstances, providing a new trust infrastructure tailored for the digital and AI eras.
3. Expected changes: scenarios for a revolutionized contract ecosystem
3.1. The smart contract revolution in the freelancer economy
The freelance market will be one of the first to feel the impact of smart contracts. The biggest problems freelancers face today — delayed or withheld payments — will be fundamentally solved. Clients will deposit the contract amount into a smart contract before the project starts, and upon achievement of predefined milestones, payment is automatically released. No more vague promises like "I'll pay next week."
Objective performance measurements and instant settlement will also bring major changes. In website development, for example, measurable criteria such as page load speed and responsive design compatibility will be specified in the contract, evaluated through external performance measurement tools or verification services, and if the standards are met, payment is immediately released. If not, predefined revision periods and penalties are automatically applied. Subjective judgments are minimized while allowing for objective quality verification.
Partial completion and progressive payments are also implemented in a sophisticated manner. Large projects can be divided into multiple stages, each with its own smart contract, creating a chained structure where the next stage begins automatically once the previous stage is completed. For example, in a branding project: logo design completion → 30% payment → guideline creation → 30% payment → final package delivery → 40% payment, all automated.
Global activation of the freelancer market is also noteworthy. With borders and currency barriers removed, freelancers worldwide can compete on equal terms. Stablecoin-based contracts eliminate exchange rate risk, and complex international remittance procedures are replaced by blockchain transfers that take just seconds. Location is no longer a barrier, and only skill and reliability determine competitiveness, creating a truly global market.
3.2. Automated trust in real estate and financial services
Real estate transactions will experience some of the most dramatic changes with the introduction of smart contracts. The complex transaction process that currently takes two to three months can be drastically shortened. Verification of registry documents, rights checks, and ownership transfers are automated through smart contracts directly linked to government real estate databases, eliminating human errors and delays. Substantial reduction of brokerage fees will also improve the economic efficiency of real estate transactions.
In rental contracts, even more innovative models will emerge. Automated monthly rent payments and automatic actions upon default are implemented through smart contracts, providing transparency for both landlords and tenants. Tenants’ contract fulfillment history is recorded on the blockchain and can be used as the basis for credit evaluation, automatically offering preferential terms to diligent tenants. Upon moving out, security deposits are returned automatically according to predefined checklists.
Fractional ownership and partial investment are also precisely managed through smart contracts. When multiple investors co-own an expensive property, rental income distribution and maintenance cost sharing are all automated. Monthly rent profits are instantly distributed according to each investor’s share, and repair or maintenance fees are automatically deducted, enabling transparent and efficient co-investment.
In financial services, complete automation of credit evaluation and loan screening will be realized. Transaction history, contract fulfillment records, and asset holdings recorded on the blockchain are comprehensively analyzed to calculate real-time credit scores. Based on this, loan limits and interest rates are automatically set, and approvals and fund disbursements happen instantly. Repayments are also automated according to preset conditions, significantly reducing default risk and leading to overall lower interest rates.
3.3. Transparent contract management in supply chains and logistics
Supply chain management is where the sophisticated multi-party coordination capabilities of smart contracts become most evident. The entire supply chain—from raw material suppliers to final consumers—can be connected through an integrated smart contract network, allowing real-time sharing of each stage’s progress and automatic execution of subsequent steps. When integrated with RFID tags or QR codes for product tracking, payments are automatically released upon material arrival at the factory, and shipment starts immediately once products are completed.
Quality assurance and responsibility tracking are also innovatively improved. By integrating IoT sensors with smart contracts, real-time monitoring of product temperature, humidity, shocks, and other parameters is possible, and if predefined thresholds are exceeded, automatic alerts are triggered. In food supply chains, for example, the entire temperature history from farm to table is immutably recorded on the blockchain, enabling perfect verification of cold chain maintenance. If problems arise, penalties are automatically imposed on the responsible party, and compensation is processed automatically.
In global trade, automation of document handling and customs clearance will bring especially significant changes. The dozens of documents currently required for imports and exports will be automatically generated through smart contracts, and linked with each country's customs systems to enable real-time processing. From shipment confirmation and insurance processing to letter of credit settlements, all procedures become automated, dramatically shortening lead times in international trade. Duties and various fees are also automatically calculated and paid instantly, eliminating delays and penalties due to late payments.
Automatic inventory management and smart ordering are also realized. Smart contracts linked with retailers’ POS systems monitor real-time sales data and automatically place orders to suppliers when inventory falls below a certain level. Dynamic order quantity adjustments that reflect seasonality and past sales patterns can also be included in the smart contract logic, preventing stockouts and overstocking. This maximizes overall supply chain efficiency and minimizes operational costs.
3.4. A new trust model for peer-to-peer transactions
In peer-to-peer (P2P) marketplaces, smart contracts introduce a completely new trust paradigm. They fundamentally solve major issues like fraud and quality disputes in secondhand transactions. Sellers record objective proof of product condition (photos, videos, certificates) on the blockchain with timestamps, and buyers confirm the product upon receipt before payment is automatically released via smart contract. Traditional scams such as fake listings or product swaps are completely eliminated.
Tamper-proof implementation of reputation systems is another major innovation. All transaction records and ratings are permanently recorded on the blockchain, making manipulation or deletion impossible. Fake reviews and rating fraud disappear, enabling objective verification of a counterpart's historical credibility. This significantly enhances trust, especially in high-value secondhand or service transactions.
In sharing economy platforms, even more sophisticated automation is achieved. All interactions in car sharing, for example, are managed via smart contracts, minimizing disputes. Vehicle fuel levels, odometer readings, and damage detection sensors are automatically recorded before and after use, and usage fees and deposits are instantly settled. In case of accidents or damage, responsibility is objectively determined using sensor data and external verification services, and compensation is processed automatically.
Peer-to-peer investment and crowdfunding also advance to a new level. When small business owners raise expansion funds, they can enter into smart contracts directly with individual investors without complex intermediary platforms. Revenue-based profit sharing is pre-programmed, so when revenue is generated, dividends are automatically distributed to investors based on their stake. Transparent accounting and instant settlement build investor trust and allow business owners to secure funds under more favorable terms.
These combined changes realize the democratization of trust. Individuals no longer need to rely on guarantees from large corporations or platforms; they can engage in safe and efficient transactions directly. This lowers entry barriers for economic activity, provides opportunities for more people to participate, and ultimately contributes to creating a fairer and more inclusive economic system.
4. The perfect bridge between technology and users: WaaS-centered infrastructure
4.1. Wallet-as-a-Service: the invisible foundation of smart contracts
No matter how innovative smart contracts are, they cannot be popularized if ordinary users must directly handle complex blockchain technology. Here, Wallet-as-a-Service (WaaS) emerges as the key infrastructure that connects smart contracts with users. WaaS completely hides the technical complexity of blockchain while naturally delivering all the benefits of smart contracts.
The biggest change is that users can participate in smart contracts simply by logging in via social accounts. By logging in with Google or Kakao, for example, a blockchain wallet is automatically created in the background, and all preparations necessary to execute smart contracts are completed. Private keys and seed phrases are securely stored using advanced encryption technology, and users need not know any of these technical details—just like using Gmail without understanding email protocols.
The fear of losing keys also disappears completely. In traditional blockchain wallets, losing a seed phrase meant losing all assets permanently. In fact, billions of dollars' worth of cryptocurrencies are permanently frozen due to lost keys, which was the biggest obstacle to mainstream adoption. However, in WaaS, wallet recovery is safely possible through a combination of social account recovery, biometric authentication, and multiple recovery options. By designating family members or trusted friends as recovery helpers, users can safely regain access even if they cannot log in themselves.
Maximizing usability while maintaining security is the core philosophy of WaaS. Multi-signature and recovery options are implemented in a user-friendly way, so although complex cryptographic protocols run in the background, for users it is as simple as clicking an "Add Friend" button. This convenience enables ordinary users to use smart contract services comfortably, playing a decisive role in the popularization of blockchain technology.
4.2. One-click contract signing: hiding blockchain complexity in the user experience
The true innovation of WaaS is that it makes the concept of "smart contracts" disappear from the user interface altogether. Users execute blockchain-based contracts without even realizing it, naturally signing transactions and promises through familiar apps and websites. This is a perfect abstraction, just like using email without knowing the SMTP protocol.
Take a freelancer platform as an example. Without complex contract drafting or escrow setup, the user simply clicks a "Start Project" button, and everything is automatically handled. In the background, project terms, milestones, and payment conditions are automatically created as smart contracts; the client’s funds are securely escrowed; and the freelancer receives a project start notification. All of this is completed within seconds, making the experience as simple as online shopping.
Importantly, this convenience does not sacrifice security. Gas fee abstraction solves one of the biggest barriers to blockchain adoption: network fees. Imagine if users had to prepare Ethereum gas fees separately—how cumbersome would that be? WaaS completely hides this complexity, allowing platforms to pay on behalf of users or automatically deduct a portion of the transaction token as a fee.
Integration with biometric authentication maximizes both security and convenience. Once authenticated via Face ID or fingerprint, contracts below a certain amount can be automatically executed without further steps. For high-value or critical contracts, multi-factor authentication is automatically applied to enhance security. Users can enjoy convenience while feeling confident that their assets and contracts are securely protected.
The boundaries between online and offline are also disappearing. With just a QR code scan or NFC tag touch, smart contract-based transactions are possible even in physical stores, connecting the digital and physical worlds into a single integrated contract environment. This makes the traditional distinction between "online" and "offline" meaningless.
4.3. Automated asset management: future possibilities opened by WaaS
Based on the basic functions currently provided by WaaS, even more sophisticated automation is expected in the future. Beyond simple wallet management, an era may come where individuals’ entire asset portfolios are automatically managed through smart contracts. This has the potential to fundamentally change the paradigm of personal financial management.
The potential of conditional investing and automatic portfolio management is particularly noteworthy. In the future, users could set conditions like "automatically buy a specific cryptocurrency if it drops below a set price," and once the condition is met, the transaction would execute automatically. Multiple conditions could be set simultaneously for various assets, allowing 24/7 monitoring of markets and automatic transactions at optimal times. If portfolio allocations deviate from targets, automatic rebalancing could be carried out, automating risk management as well.
Smart savings and goal-based asset management are also expected to evolve innovatively. Users might set up savings contracts with complex conditions, such as "automatically save a certain percentage of monthly income, but allow immediate withdrawal in case of emergency." Once a target amount is reached, funds could automatically be moved to higher-yield products or used for predefined purposes. For example, when a travel fund goal is achieved, it could be automatically used to book travel services.
Automation of conditional loans and collateral management is another major future possibility. Loan limits could be automatically adjusted based on fluctuations in the value of held assets, and if collateral ratios reach risky levels, additional collateral could be automatically provided or partial repayment automatically executed. This could prevent forced liquidations in advance while maximizing the efficiency of capital utilization. Even if users do not fully understand complex financial products, they would still be able to manage their assets safely and efficiently.
Of course, realizing these features will require technological advancement and regulatory alignment, but the fact that WaaS infrastructure provides the foundation is highly meaningful. As current basic functions become more sophisticated and expanded, they hint at the possibility of entirely new forms of personal financial services emerging.
4.4. Global contract network: the vision of borderless trust enabled by WaaS
Among the most ambitious long-term visions that WaaS technology can realize is the establishment of a completely borderless contract ecosystem. Already, cross-chain compatibility abstracts away differences between blockchain networks so that users are not aware of them, but in the future, this could extend to differences in national laws, currencies, and cultures.
The potential for real-time multi-currency processing and automatic regulatory compliance is particularly noteworthy. In the future, when a Korean company simultaneously contracts with partners around the world, WaaS could handle all currency exchanges and settlements automatically, even if each contract is denominated in local currencies. Exchange rate fluctuations could be managed through automatic hedging mechanisms, and each country's tax and regulatory requirements could be pre-programmed into smart contracts for automatic compliance. The perception that international transactions are inherently complex and risky might disappear altogether.
Automatic mapping of legal systems and global standardization is also envisioned as a long-term goal. When contracting across countries with different legal systems, future WaaS could automatically analyze each country's contract laws and generate agreements that comply with all relevant conditions. Dispute resolution mechanisms, including the selection of arbitration bodies and applicable laws, could be automatically set in advance. This presents a potential solution to the long-standing issues of governing law and jurisdiction in international contracts.
Technical resolution of time zone and cultural differences is also expected. With smart contracts operating autonomously 24/7, truly real-time global collaboration becomes possible even when parties are in different time zones. A client in New York could approve something in the evening, and it would automatically be delivered to a developer in Seoul by their morning. As contract terms are clearly defined in code, misunderstandings due to language or cultural interpretation are also fundamentally prevented.
All these innovations together suggest the birth of a true global micro-economy. People anywhere in the world could perform small tasks and receive immediate compensation, realizing a truly borderless global labor market. Talents from developing countries could directly participate in advanced markets, while consumers in advanced economies could access high-quality services at more competitive prices.
Ultimately, WaaS is evolving beyond mere technical infrastructure to become a key tool for democratizing the trust economy. By completely abstracting complex blockchain technology while providing all its benefits, it is laying the foundation for a new economic order where anyone in the world can access fair and efficient contract services. Although only basic functions are currently implemented, in the long run, WaaS has the potential to create a future where global, inclusive, and transparent economic activities are possible for all.
5. A new trust economy shaped by smart contracts
Smart contracts are not merely a technological innovation; they redefine the very concept of trust. The transition from "trust in people" to "trust in code," which humanity has relied on for thousands of years, means a fundamental redesign of the economic system. Now, trust no longer depends on personal reputation or institutional authority but is implemented in transparent, verifiable code, becoming a public good accessible equally to everyone.
The convergence toward zero transaction costs brings revolutionary changes. The enormous costs associated with contract execution, performance monitoring, and dispute resolution disappear, enabling countless transactions that were previously economically impossible. From purchasing digital content for just a few cents, to using services by the minute, to trading raw materials by the gram — all forms of micro-economic activities become feasible.
Another important change is the realization of a direct economy without intermediaries. The traditional roles of banks, insurance companies, platforms, and agents are fundamentally changing. The trust, guarantees, and matching functions they provided are replaced by smart contracts, eliminating non-value-adding middle margins. As a result, the actual value received by producers and consumers significantly increases.
Real-time value settlement is also creating a new economic paradigm. Periodic large-sum payments like monthly salaries, rent, and subscriptions are disappearing, replaced by true performance-based economies where compensation is settled immediately based on production, consumption, and contribution. This completely transforms the concept of cash flow, greatly reduces the need for working capital and loans, and radically simplifies financial management for both individuals and businesses.
The acceleration of global economic integration is also noteworthy. 1.7 billion unbanked people can now participate directly in the global economy, enabling more efficient allocation of talent and resources worldwide. Even without a bank account, people can save, invest, borrow, and get insurance using just a smartphone, receiving fair compensation based on ability and effort regardless of geographical location. True equality of opportunity is being realized.
The emergence of a programmable economy is another revolutionary change. Beyond simple transactions, complex economic relationships and incentive structures are being programmed and automatically executed. As social values such as environmental protection, social contribution, and innovation become directly linked to immediate economic rewards, a new ecosystem where public and private interests align is being created.
In the future, these changes will accelerate and evolve into a fully autonomous economy. AI agents will autonomously enter and execute contracts, IoT devices will automatically purchase necessary services, and all economic activities will be optimized in real time. Humans will be freed from repetitive contractual tasks and focus on creating creative value, dramatically improving overall economic efficiency and productivity.
These changes represent not just technological progress but a civilizational transformation. Just as the agricultural revolution enabled settled life and the industrial revolution realized mass production, the smart contract revolution is creating a completely new economic order through the democratization of trust. In a world where every promise is automatically kept, humanity will be able to pursue more daring collaborations and innovations on a foundation of greater trust.
Ultimately, the future shaped by smart contracts will be a fairer, more efficient, and more inclusive economic system. Regardless of status or background, everyone can participate on equal terms, with promises and trust guaranteed by technology, and value creation and distribution carried out transparently. We are now standing at the most important turning point in the history of trust and promises, and how quickly and wisely we embrace this change will determine the future of individuals, businesses, and society.
[WEPIN Wallet SNS Channels]
