TECHNOLOGYS ETHICAL LEGAL PRIVACY ISSUES
IMPACT OF TECHNOLOGY ON PRIVACY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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high contracting, enforcement, and resilience costs
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low contracting, higher reenforcement, and compliance costs
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low contracting, enforcement, trust, compliance costs
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low contracting, enforcement, safe backup, third parties
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Detailed explanation-1: -The digitization of codified triggers necessary for enabling the execution of smart contracts can lower monitoring costs by reducing ambiguity around what constitutes compliance with contractual terms, thereby preventing costly disputes, and by relying on software to perform monitoring (Szabo 1997).
Detailed explanation-2: -One of the first advantages of smart contracts is that do not require the authority of a third party to verify their authenticity. This allows the parties involved in the contract to save time and money, for a particular transaction. Furthermore, authenticity is certainly an important advantage of smart contracts.
Detailed explanation-3: -Hence, transaction costs are more cost effective is not true about smart contracts.