I was reading this:coindesk.com/bitcoin-and-public-blockchains-will-power-the-smart-contracts-revolution/
The author claims smart contracts have a major drawback in the financial services space..."One such drawback in the current state of blockchain design is that the code inside of a smart contract needs to be disclosed to all parties on the network."
I'm fairly new to the concepts here, but can the virtual machine byte code in a transaction be inspected and "disassembled" back into Solidity for all and sundry to inspect??
Surely in the context of a financial app (e.g an OTC derivative trade), a) the blockchain is private with only known parties able to access it, and b) the smart contract can only be disassembled if you are one of the parties to it?
I'm missing something obvious here ... what is it?? !