Smart Contract Services

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Smart Contract Services

Smart contract, just like blockchain is a disruptive technology, and when combined together, these technologies can bring in the paradigm shift in different industries. Smart contracts are basically lines of codes which are securely stored on the blockchain. When the predetermined conditions are fulfilled, these are executed automatically. The benefits and potential of smart contracts are endless in business collaborations. Usually, these are used to enforce a kind of agreement so that all the participants can be sure about the outcome, without involving any intermediaries.

Smart contracts can do wonders on the blockchain by streamlining complicated processes which involve multiple intermediaries. With the identity stored on the blockchain, lenders can take quick decisions about transactions, and this can further be quickened by creating a smart contract.

Benefits of Smart contracts with Blockchain :

  • Improved accuracy and enhanced speed – With automated and digital smart contracts, there is no need of processing or correcting paperwork, thus saving a great deal of time and minimizing the chances of errors.
  • Better security – Since the transaction records are encrypted on blockchain, it’s quite difficult to hack the records. Since all the records are connected with the previous and the subsequent record on the distributed ledger, one has to alter the information of the entire chain in order to tamper the information.
  • Enhanced trust – Since smart contracts execute transactions automatically, following the predetermined rules, there is absolute trust in the process. The encrypted records are shared amongst the participants, ensuring none questions about the authentication of the information.

By using smart contracts businesses will be able to offer more flexibility by understanding the risk-taking capacity of the organization, learning from the past contracts and creating adaptable contracts that can change with the underlying assets.

Smart Contract

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