More and more companies are looking into ways to automate contracts and the benefits of doing so. Today, we explore the most common use cases for contract automation in HR and how you can improve your candidate selection and onboarding process via contract automation.
Contract automation via smart contracts helps companies manage proactively the large quantities of data their HR departments deal with on a daily basis.
Reading time: 5 minutes. Photo by Austin Distel on Unsplash.
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Contracts are an important aspect of any business. But without a plan in place, the contract management process can become overwhelming and full of risky manual errors.
There is the need to have a plan in mind to set up a smart contract management process to drive efficiency in organisations.
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The business world has deep roots in technical innovation – a rich tradition that now translates into blockchain adoption and the implementation of smart contracts. From a legal operations perspective, success is supported by adopting legal tech in a company. Corporate legal counsels are able to perform at great speeds. They are able to pay close attention to a great many details.
Nevertheless, companies required a significant change to their legal operations. Or to put it differently – the right cost of legal tech is crucial to improving operations. As legal teams become overwhelmed, stressed and understaffed, automating outdated manual processes for contract drafting and contract management is the first step.
So how do you increase productivity and efficiency for your legal teams via smart contracts?
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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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