Speaking of digital alternatives, Smart Contracts have landed on the business scene to bring us multiple advantages. It is a new mechanism capable of automatically executing the agreements that have been determined by two or more parties. They do not need an authority to demand compliance, as they are fulfilled automatically.
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4 ways you can benefit from Smart Contracts in your business
is your business ready to welcome Smart Contracts? They have the ability to take automatic action when the conditions stipulated in the contract are met, so your business can benefit in multiple ways:
- Payments can be made securely and immutably by executing code that automatically validates a condition. This means that Smart Contracts use code executed on the blockchain, a kind of ledger and distributed ledger that has no central authority.
- It increases trust by ensuring that the contract is enforced and eliminating any manual errors that may be made.
- By eliminating intermediaries, users do not need to hire someone else, thus saving costs and increasing the speed of operations and avoiding paperwork.
- Backups are recorded in the system itself, they cannot be edited or deleted, and transparency is increased.
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Apostille documents with blockchain
Smart contracts have a lot to do for your company. Over the last few years we have heard about blockchain and the great advantages it brings to sectors such as the automotive, financial, health and pharmaceutical industries, among others. But the time has come to tell you that Smart Contracts are not only applicable to these fields, but that any company can start taking its first steps and benefit from the advantages of this trend.
There are many services focused on creating timestamps, but most are too simple to create document hashes and, as a consequence, their digital footprint. That's why we 're talking about apostilling. Long before the advent of blockchain, companies were already using timestamps to prove that files existed, but it has been with the blockchain revolution that there has been the opportunity to take advantage of its features, such as generating an open and auditable ledger with timestamping.
As J. McDonald's study focused on 'A blockchain notarisation and timestamping service with transferable, updatable, brandable and jointly owned notarisations' points out, "the timestamping of the fingerprint in the hash of a document on the blockchain network is known as Proof-of-Existence (PoE)."
Blockchain for notaries BETRAYING?
Outside of Blockchain technology, traditionally, legal notaries have verified and stamped paper documents to certify to legal entities their authenticity. These notarised documents possess authority because they are registered and backed by the governments of the world. But since the invention of the Blockchain, fingerprinting documents on the Blockchain can be thought of as a type of "digital notarisation"; one that is not backed by political authority, but by the decentralised network and its underlying technology.
"Outside of Blockchain technology, legal notaries have verified and stamped paper documents to certify to legal entities their authenticity. These notarised documents possess authority because they are registered and backed by the governments of the world, but since the invention of blockchain networks, you can think of the fingerprints of documents on the Blockchain as a type of 'digital notarisation'; one that is not backed by political authority, but by the decentralised network and its underlying technology."