Do you know smart contracts?
They are those contracts that are automated and are executed following the established patterns and parameters.
The Blockchain has Distributed Ledger Technology (DLT), a record of information executable by various entities. This technology allows data to be stored and used privately or publicly. Smart contracts are also a tool to eradicate administrative burden.
How does it work? A smart contract, understood as the representation of the terms and conditions of a written agreement, once automated, would automatically transfer the funds of the agreement from one party to the other. All this is possible thanks to the Blockchain.
What utilities can be given to the blockchain?
Simplify business transactions
Blockchain technology analyzes and verifies the traceability, the incorruptibility of the information of any commercial process or operation.
The Blockchain increases data security and establishes relationships of trust, eliminating intermediaries from the process.
Reduced risks of error
The patterns and data that are automated will not contain errors in the smart contracts.
Secure transaction verification
Total transparency in transactions and data. The Blockchain is the best technology for this point.
Does not compromise authenticity or credibility
The legality and content of the legal text or contract will not be altered, quite the contrary. Its authenticity and the credibility of the process will be verified.
Examples of smart contracts with Blockchain
The use of the blockchain becomes a guarantee for users. Get to know some examples and how this technology can help your business.
The internet of things
System that allows connecting all kinds of physical devices designed to work through data transfer.
Verification of the digital identity of the employee, smart labor contracts or means of payment. Labor relations are adapting to new technologies and, thanks to the Blockchain, a range of possibilities has opened up in this sector.
Blockchain technology allows you to prevent registrations of a creative work or content if the content is the same or similar to that of someone else who has previously registered their content.