Currently reading an article on smart contracts, I came across the following sentences. I cannot understand the bold part.
Smart contracts are agreements between parties that do not need an intermediary that checks that conditions are met. They facilitate the elimination of a third party and the urgency of trust and transparency when underwriting legally binds obligations.
I looked "underwrite" up in a dictionary, and was almost sure that it should mean to sign, because only by signing can a contract become legally binding. But that doesn't seem to make sense here. Does underwriting here mean signing?
Does the bold part mean:
smart contracts facilitate the elimination of the urgency of trust and transparency when ...
or does it mean:
the urgency.... legally binds obligations
Why are trust and transparency urgent when underwriting makes obligations legally binding?