Automating controls and compliance with blockchain is the next step in the digital transformation of companies of all sizes and types. Blockchain technology can create greater efficiency than we’ve ever known, while reducing delays, costs and errors.
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Understanding smart legal contracts – a computer protocol intended to digitally facilitate, verify, or enforce the negotiation or performance of any agreement between participants on the blockchain.
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A hold-up problem in contracts is the situation where after one party has made some relationship-specific investment, the counterparty refuses to fulfil the original terms of the contract asking for better conditions.
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A few months ago, the EIB launched a digital bond issuance on Ethereum, deploying this distributed ledger technology for the registration and settlement of digital bonds, in collaboration with Goldman Sachs, Santander and Societe Generale.
Let’s see what this means for finance.
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Decentralization over blockchain infrastructures is a fundamental aspect in the adoption of the technology and is the main reason why it has acquired increasing importance in the last decade. The technology emerged to implement peer to peer transactions of digital money that could displace commercial banks’ gatekeeping of digital transactions of bank deposits and central banks’ monopoly over the value (and therefore supply) of fiat money. And it has gone a long way since then.
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You can use a multicriteria vendors evaluation form to determine the best vendor or supplier based not only on price but also on a full spectrum of concerns. Vendor assessment should support your company’s mission. It should support ethics, and business goals in the areas of technical competence and quality, cost and financial integrity, ability to communicate, social responsibility, and cultural commitments.
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Before digging into the lack of flexibility in smart contracts let’s see what flexibility actually is.
Traditional semantic contracts are flexible. Such flexibility operates during the negotiation phase as well as at breach.
Flexibility allows parties to use ambiguous terms, generally defined terms, commercial customs in their agreements.
Furthermore, flexibility enables parties to shape and adapt their business relationship through modifications, amendments, sometimes arbitrarily.
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