> How is this any different than what we have, just with extra steps?
It's declarative. There's no vagueness about the state of the transaction, and settlement can be cryptographically proven. This creates transparency and accountability. It's also sovereign. Not every transaction NEEDS this level of customer protection. Paying in person at a restaurant or supermarket can be done with a simple transaction.
Also, some transactions like subscriptions (which are very common) need a cancel functionality that follows strict rules: perfect for a smart contract.
And finally, even your bank won't be able to protect you in many cases.
It's declarative. There's no vagueness about the state of the transaction, and settlement can be cryptographically proven. This creates transparency and accountability. It's also sovereign. Not every transaction NEEDS this level of customer protection. Paying in person at a restaurant or supermarket can be done with a simple transaction.
Also, some transactions like subscriptions (which are very common) need a cancel functionality that follows strict rules: perfect for a smart contract.
And finally, even your bank won't be able to protect you in many cases.