Hello @flash07
First of all great article @reverseacid. You explained smart contracts and issues with smart contract very well.
Thanks for the appreciation.
There are many interesting thoughts that I came across in your comment. Let me address them.
I find your analogy about the freezing time quite impressive. It could really help in the arbitration with the need for an actual arbitrator. As you said, if any discrepancies arise, a third party can be introduced to help ease the flow. But the contract has to mention beforehand the existence of such a third party acting as an arbitrator.
Your comment is pretty interesting and practical, but it didn't give a good enough explanation for the question I had posed. How can the contract be held up in a court of law? Or can it in the first place?