It’s a really cool concept! While we wait to see whether Monzo have an answer for this, here’s what Tristan said about Bitcoin -
it’d be great if I was wrong but I have a feeling the answer’s going to be pretty similar…
To add some context to this discussion, here’s the comments from the Co Founder and Director of Blockchain and FinTech at 11FS - the consultancy firm that Jason Bates, one of Monzo’s co-founders, is part of - on smart contracts, in the context of FinTech. As you can see, it’s still early days.
My guess is that as banks talk more about “smart contracts” and DLT instead of “blockchain.” The market will recognize that these corporate things are neither shared databases nor blockchains, but some new interesting thing.
We might have one, maybe two, smaller DAO-like failures in the public blockchain space. As we go through this learning and experimentation, a more useable, more robust framework for token or smart contract-based businesses compatible with local laws will start to emerge.
http://11fs.co.uk/blog/blockchain-trends-place-bets/
& their podcast covering “everything blockchain”, including smart contracts, with Vinay Gupta Strategy & Venture Consultant , Lynsey Barber City A.M. FinTech & Technology Editor and Ajit Tripathi Director, FS: Fintech & Digital at PWC.
The discussion on smart contracts begins at 40:38 -
http://11fs.co.uk/podcasts/ep108-everything-blockchain-ever/