Execution and compliance. Autonomy and automation. Without intermediaries. These are smart contracts or smart contracts. Real SCRIPTS written in the language of programming. And today we want to tell you how they work in companies. Do you want to keep growing? Do you know everything about these contracts? Scroll down and don't miss out on everything we have to tell you.
Terms you need to know to understand smart contracts
Let's start here, at the beginning of everything. Since artificial intelligence came to us, a multitude of terms have appeared that sound 'Chinese' to us and that we do not know how to relate to each other. That is why we want to explain some concepts directly related to Smart contracts. Pay attention!
- Smart contracts: In the simplest terms, they are contracts that can be fulfilled automatically when there is an agreement on the terms. And don't think that they are so different from the typical paper contracts we know, as there are also two or more parties committed to fulfilling certain conditions.
- Blockchain technology,also known as blockchain, is a revolution and is a kind of ledger that provides greater security. It is the technology behind cryptocurrencies and eliminates any kind of intermediary. Power and control!
- Immutable code: This means that the information cannot be altered in any way, which provides greater security and transparency in the operations we carry out. It is a characteristic of blockchain technology. A kind of unique code, a digital fingerprint of each block.
have you ever heard of them, do you have any doubts, ask us and don't keep them to yourself.
what can you get thanks to these Smart Contracts?
Many companies have already started to apply this type of technology in their businesses, so they are experiencing first-hand the advantages of Smart Contracts:
- LOWER RISK OF EXECUTION. You cannot manipulate, breach or make a mistake in a contract, as the whole process is decentralised and immutable thanks to the elements we have been talking about: Smart contract, blockchain technology and immutable codes.
- ACCURACY IN AUGE: Trust and speed in the system. It is practically impossible for errors to occur, as the automation of the system provides everything necessary for its operation to be precise and accurate.
- TIMELYUPDATES. System speed is increased and automatically updated, so our contract will always operate at the highest possible quality and innovation.
- COST REDUCTION. By cutting out the middlemen, our costs are reduced, as we don't have to pay people who work to verify or make the contract. These agreements eliminate third parties. They create one-to-one relationships.
what doSmart contracts bring to your company?
It changes the mentality and changes the world of operations, exchanges and transactions. Companies and society, in general, are experiencing the revolution of this type of technology, and they are doing so through their payment systems, the automation of inheritances, the management of their rights, financial transfers, payments between individuals, work contracts, logistics, etc.
For all these reasons and more that we will be telling you about, smart contracts are very attractive for businesses. Companies are seeing their goals reflected in these types of advances, and although there are still many doubts about how they work and how they evolve, we are here to experience it and not miss anything.
do you know any company that is using smart contracts? Do you want to know how they work?