2. Autonomy: Smart Contracts
Channel: Rafiq Bouhsen
Date: 2021-07-21

*************************************************************
Source:
EDX
LinuxFoundationX LFS170x
Blockchain: Understanding Its Uses and Implications
************************************************************
A) Autonomy Defined:
Autonomy: Independence or freedom, the ability to make your own decisions without being controlled by anyone else. This sense of freedom can be at the macro level of a country or at the micro level of a person.
As children and adults, we all want a little autonomy in our lives, careers, or relationships, but it’s just a matter of how much autonomy one truly wants and can handle.
B) Autonomy: Human Process-Driven Complexity
The blockchain world is looking to solve all of this complexity with autonomy from intermediaries via automated smart contracts.
In the traditional world of doing any kind of transaction with another party, there tends to be a lot of administrative paperwork, with third parties intervening every step of the way. Some of this is needed, but most of it becomes wasted time and effort which could be spent elsewhere. Depending on how complex a transaction is between two parties, designated specialists (contract drafters, signatories, regulators of the contract execution, authorities to help with disputes, etc.) can make the process more efficient. 
This complexity can be seen within many areas of life. Take a moment to dissect the backend of certain services or products you use and this concept will become exposed very quickly.
C) Autonomy with Smart Contracts:
Autonomy in the blockchain world can be seen from many different angles. We are going to focus solely on smart contracts in this section, due to the amount of autonomy it gives everyone involved. The concept of smart contracts has been around for a long time and was first proposed by Nick Szabo, who coined the term in 1994. The most simplified explanation is:
"IF THEN ELSE" statement, which means IF X happens, THEN do Y, ELSE do Z.
Take this concept and apply it to two or more parties, all interacting on a mutually agreed upon contract that executes based on their actions (or non-actions). An example of a smart contract could be, "if this happens before the end of the year, then you pay me, else I pay you".
These "smart" contracts aren’t very smart, at least for now. That’s due to the simple explanation above because these contracts are "if, then, else" statements, which can vary in complexity based on how they’re stacked.
At the present moment, they can't make decisions without human intervention, or AI, which is a highly debated topic at the moment by many neuroscientists/philosophers.
Anyone is able to create their own smart contracts without a central authority giving the right to do so. These contracts are executed without too much human intervention, and they’re stored on blockchain technology which provides a sense of permanence. These are three of the main attributes that can bring more autonomy to exchanging information between parties. Setting up a pre-agreed upon contract that’s coded into a blockchain and executes automatically when certain actions are taken is one step in the direction of not only improving our autonomy as individuals or companies, but shifting wasted resources (middle men/women) toward more impactful work.