The idea of smart contracts was first conceived by Nick Szabo many years ago, Bitcoin enabled a limited version of smart contract, it was Ethereum that made it possible at a large scale. When Three Arrows was falling apart, despite owing many lenders money,they prioritize paying back a defi loan they took, with smart contracts, contracts are entered,enacted and enforced by code. Goodbye to the inefficiencies of human contracts and human institutions.Their limitationsSmart contracts have appli...