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Very true. Not to mention the biggest 'transaction cost' of all--which is that when two parties sufficiently distrust one or more of the applicable legal systems, the 'transaction' simply might never occur at all. Trust-minned escrows could seal deals that otherwise wouldn't go.
Indeed, cross-border financial transactions between nearly all individuals are extremely rare, but have IMHO vast potential if their performance could be efficiently incentivized.
The question isn’t whether there’s vast potential. The question is whether “smart contract” & “smart property” terminology are the best tactical/strategic choices for global scaling.
While law is territorial (&based on outdated categories like person&object),thequestion is how to allowpeople to transact in manners they want in a de-territorialized,depersonalized world with hardlyanydistinctions between persons,objects&where clear identification is difficult.
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