These will do to finance what the internet did for the flow of information. As it stands, most banks operate on islands, with their own software architecture and products, which reduces competition and gives virtually no power to average customers (unless you’re very rich). Smart contracts are stored and executed on a blockchain (similarly to Bitcoins, although smart contracts are different), making them immutable.
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And we haven’t even talked about the potential of smart contracts to revolutionize law (think smart contract-based wills that are verifiable and tamperproof!) or government (with DAOs: Decentralized Autonomous Organizations)! You get the same interest rate on a lending protocol (say MakerDAO, on the Ethereum blockchain) regardless of whether you have 1 billion dollars or 100 dollars!
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