We’ve been looking towards blockchain technology for years in the hopes of enabling holistic traceability in smart supply chains and manufacturing networks. As the business sector becomes increasingly complex and decentralized, spanning across multiple manufacturing areas, factories, and even countries, smart contracts are the answer for creating timed supplier qualification certifications through tokens on the blockchain. They can connect to performance indicators in the smart contracts that govern it.
Since the general purpose of a smart contract allows for autonomous verification of qualification criteria and standards, it is ideal for supplier performance monitoring.
An Interview to Romina Zorzini, Trakti Legal Architect
Trakti was one of the sponsors of the Blockchain Expo Global held in London on Dec-1 and Dec-2. Our CEO, Luigi Telesca has made a speech on the Blockchain for Enterprise stage about How to Scale Blockchain Technology Adoption in Enterprises. During the event, our team, including our CTO Mahfuzul Islam, was glad to receive a huge interest from the business and legal industries at our booth. As promised, we asked our Legal Architect, Romina Zorzini few insights about the event, blockchain technology, and Trakti’s positioning in it. Let’s see together what she told us.
The adequate management of contracts is essential for the smooth running of any company. But contracts are too important to be processed and stored manually. This is why lots of companies are now going digital. In recent years, Contract lifecycle management software has transformed how businesses manage their contracts. Now, we’re looking towards the next step in contract digitalization. Today, we look into how to set up Contract lifecycle management (CLM) with the help of Smart contracts.
2021 was a landmark year for the popularity of NFT and it seems that this trend is going on and becoming greater and greater. But not without huge legal implications with respect to copyright, ownership and contractual liabilities, just to cite a few. What you do and you don’t own, when you buy an NFT.
Let’s start from the beginning, trying to bring some light to this innovation.
As procedures become more digitised, how to build secure, and digital business agreements it’s become nowadays a widely discussed topic. Smart contracts are the ideal platform for business innovation and to enable sustainable business models. They are legally binding contracts, in which some or all of the obligations are recorded in and/or performed automatically by a computer program.
Differently from traditional contracts, they are self-executing and self-enforcing and often can be deployed on distributed ledger technology, such as blockchain where data is stored on a public database, and cannot be changed. The transactions can be sent automatically without a third party to deal with the verification and enforcement of the contract.
In un’economia globalizzata e competitiva, l’implementazione di strategie di automazione si rivela una scelta cruciale per ogni organizzazione.
Sono ormai noti i vantaggi che l’automazione offre alle aziende: dall’incremento dei ricavi, alla standardizzazione delle best practice al netto miglioramento dell’efficienza e dei tassi di soddisfazione dei clienti.
Most of our actions and decisions involve others, inside and outside any organisation. The best solutions come from working together and the pandemic caused many people to appreciate the extent of our interdependency. Establishing a win-win collaboration framework would increase communication and clarity within a network and with suppliers.
Developing a solution together, based on shared input and mutual respect, generates a collaborative environment that simplifies coordinating and reconciling multiple opinions. Different groups and functions typically reflect different interests, and rarely organisations speak with one voice.