Serious question: How can smart contracts create the "proper" trustless environment for most workplace contracts?
For example, stock option agreements are usually pretty straightforward... until a termination date has to be decided on. How does the termination get put into the contract?
Though I suppose smart contracts could exist as an automation mechansim , but there's a "wrapper contract" that provides "real deal" legal protection against abuse?
Bringing trustworthy real-world data into a blockchain in a decentralized manner is a known and important challenge that is being worked on by several projects like Augur. The prevailing answer is to incentivise humans to insert it correctly by appropriately aligning rewards for doing so, and making it difficult not to do so (schelling points). That's what the Augur project is really about, the prediction market they are building is just the first application of that system.
They can't do that on their own - interaction with the physical world requires a trusted party to decide/verify if a particular real world condition has been met or not.
Coincidentally, that's (part of) the role our court system plays in contract disputes; but there are other existing systems e.g. arbitration.
For example, stock option agreements are usually pretty straightforward... until a termination date has to be decided on. How does the termination get put into the contract?
Though I suppose smart contracts could exist as an automation mechansim , but there's a "wrapper contract" that provides "real deal" legal protection against abuse?