Understanding the Functionality and Benefits of Smart Contracts for Corporations
Until recently, the term “smart contracts” was little more than a buzzword. As part of the rising hype within the blockchain and digital assets arena, smart contracts have been of interest to many but understood by few. That’s beginning to change as a wide range of real-world, practical smart contracts use cases are gaining momentum and proving results for business operations within a growing number of enterprises. Many organizations have started to digitally map workflows, improve processes and achieve faster, more transparent and reliable transactions with the help of smart contracts. This article discusses the key features of smart contracts, leading use cases, functionality and benefits.
Defining Smart Contracts
First of all, smart contracts are not contracts in the legal sense. Smart contracts are digital, immutable, automated contracts based on blockchain technology, in which the contracts’ rules and execution instructions are written directly into self-executing programme code. Predefined processes ensure that corresponding transactions are automatically triggered when certain events occur. These transactions, in turn, are stored on a blockchain and run in a decentralised manner...
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