All posts tagged Smart contracts
Globalization – and now the COVID-19 pandemic – created new barriers to doing business but also presented new opportunities for the increased adoption of blockchain technology. And more specifically – smart contracts.
Examining the current Regulatory Framework For Smart Contracts and opening a debate for potential improvement in the existing regulatory framework for smart contracts is the objective of this article.
Reading time: 5 minutes, Photo by Tingey Injury Law Firm on Unsplash
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Smart contracts and tokens for supply chain automation are of paramount importance.
Tokens are digital entities that may be used as a digital representation of physical assets (ingredients, subproducts, etc.) and information. Furthermore, with tokenization, suppliers reap the ultimate benefits of blockchain assets. Tokenization forbids duplication, making it non-fraudulent and ensuring accurate tracking and proof of ownership in a transaction. And not just these.
Reading time: 4 minutes,Photo by Arisa Chattasa on Unsplash
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We have reached the next stage in the expression of commercial arrangements. Blockchains are increasingly being used to foster and execute legal agreements, supporting a new generation of electronic Smart Legal Contracts. Blockchain networks and computer programs called “smart contracts” enable parties to memorialise all or parts of legal agreements. By using this technology, contracting parties gain the ability to create arrangements that are hard to modify, dynamic, and potentially less ambiguous than traditional legal contracts.
Reading time: 3 minutes, Photo by Austin Distel,Tingey Injury Law Firm, Kelly Sikkema on Unsplash
There is no doubt as to the vast benefits of using blockchain and smart contract technologies as a way to create a fair and transparent approach towards commercial contracting.
Being so nascent, blockchain presents a unique opportunity for lawyers to position themselves as trusted strategic advisors to clients. However, the question regarding the regulatory framework surrounding blockchain technology remains.
It is necessary for lawyers to get on with the times and become familiar with blockchain and smart contracts technologies and especially understand how it is impacting clients and how it may impact the legal profession as a whole.
Reading time: 4 minutes, Photo by Mateus Campos Felipe on Unsplash
If you work at a large enterprise, you know business ecosystems can get complex. You also know how much is important to work in a trustworthy business ecosystem.
With liability scattered among multiple parties, the contracts reflecting all those transactions and agreements also grow in complexity. Companies need a trustworthy business ecosystem where they can operate in confidence and manage contracts efficiently.
Smart Contracts operating on the Blockchain provide just that, but how to start using them?
Reading time: 3 minutes, Photo by Alexandra Gorn on Unsplash
Contracts are assets to manage business risk. They are essential for the containment and control of costs, for the prevention of damage and for the actions of counterparties. Contracting and compliance are intertwined facets and require methodical oversight. An effective contract management plan not only enforces compliance and mitigates risk, but also ensures better relationships between contractual parties.
Reading time: 3 minutes , Photo by Alexandre Lion on Unsplash
Blockchain and smart contracts: We are on the verge of seeing smart contracts become mainstream with applications in real business environments.
Their simplicity and seamless integration saves time, creating a world of improved economic efficiencies, and reduces legal spend and internal cycle time, while ensuring absolute transparency and control.
Tempo di lettura: 3 minuti , Photo by Launchpresso on Unsplash
