Trakti | Smart Legal Contract Blog - Page 14 of 23

Trakti A Beginner's Guide on How Smart Contracts Work

A Beginner’s Guide on How Smart Legal Contracts Work

on February 4, 2022

Smart contacts are a great way of helping you exchange property, money, and shares without the fees, hassle, and services that come along with them. For example, when you go up to a vending machine, all you need to do is drop the money in and the snack or drink comes out. Same with the smart contracts.

A smart contract works the same way – all your need is to have the required token into the wallet and whatever you have paid for automatically gets deposited into the recipient account, making it so much easier and more efficient than a traditional contract.

How to manage cost of compliance in 2021

How to restrain cost of compliance in 2022

on January 17, 2022

When two years ago Thomson Reuters Regulatory Intelligence asked financial-services firms which was the greatest compliance challenge they expected to face in 2020, most of them answered “keeping up with regulatory change”.

Compliance became a thing soon after the 2008 financial crisis, and regulations have been changed many times since then. Thus, companies have been struggling to allocate the budget appropriately to face the increasing cost of compliance.

What is the next step?

Reading time: 4 minutes.

Contract review: 5 things to check before signing a contract

on December 21, 2021

A contract review is a crucial step in the contract management process.

Before signing a contract, a contract review allows a full check of its clauses to avoid an unwary acceptance and the risk of committing to obligations that can’t be fulfilled.

Reading time: 3 min

How to accelerate Contract Legal Approval workflow with Trakti

on December 20, 2021

Managing and overseeing contract execution can be difficult, stressful, and time-consuming. Manual contract risk assessment can cost organisations money and time. It can also lead to costly and potentially disastrous instances of contract management.

Increase sales compliance through contract automation

on December 3, 2021

Blockchain has the potential to fundamentally change the way organizations do business.

In the retail sector, blockchain is finding a lot of applications: from revolutionising loyalty programs and digitising product warranties to potentially allowing for the development of peer-to-peer marketplaces that could compete with the likes of eBay or Airbnb.

Let’s see how increase sales compliance through contract automation …

Reading time: 4 minutes. Photo by Cam Bradford on Unsplash

Trakti ESG Strategy & Climate clauses: Why they are a must-have Photo by Markus Spiske from Pexels

How to embed ESG Strategy & Climate clauses in your contracts and why they are a must-have

on December 2, 2021

Even though COP26‘s outcome was not perfect, it is clear that we all have a responsibility towards our planet. And now is the time to act.

Individual citizens aside, the first ones that are able to make an impact in this area are companies, especially the ones that depend on a global supply chain network (for example) or a large ecosystem of suppliers and partners.

A clear and effective strategy for ESG has become a “must-have” for businesses.

Let’s have a look at the benefits of implementing sustainable business, climate clauses and obtaining green credentials…

Photo by Markus Spiske from Pexels.

Supply chain and social responsibility

on November 27, 2021

Sustainability is one of the defining issues of our age. Companies are overhauling the way they source, create and distribute products to achieve and promote supply chain and social responsibility.

Sustainability affects everything a company does, including how it works with its suppliers. But too many supply chain managers employ a “take-make-waste” mentality. As a result, supply chains around the globe remain fraught with inefficiencies due to wasteful use of assets. But there’s a solution at our fingertips: blockchain.

Blockchain can transition supply chain management to a sharing economy where people and companies reduce waste and decouple growth from the consumption of finite resources — thus becoming more sustainable and profitable at the same time.

Reading time: 4 minutes.

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