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Smart contracts have been designed to automate the execution of an agreement and allow parties to agree with the outcome of an event without the need for a central authority.
With the help of smart contract tokenization rewards, companies can effectively keep their workers in the loop and timely appreciate them for their efforts.
More and more companies are turning to smart contract automation, with the objective to overcome operational challenges and enhance employee productivity.
When we talk about smart contracts and the way they can improve MBOs, a few key features stand out:
- A smart contract automatically executes based on programmed logic;
- Multisig allows two or more parties to the contract to approve the execution of a transaction independently. This is a key requirement for multi-party contracts;
- Escrow capability ensures the locking of funds with a mediator (e.g. a bank or an online market) which can be unlocked under conditions acceptable to contracting parties. Sometimes, external inputs such as prices, performance, or other real-world data may be required to process a transaction. Smart contracts help with inputs such as these.
Using smart contract tokenization rewards provides reliable, tamper-proof inputs and outputs for complex smart contracts on and off any blockchain. Businesses can use the combination of decentralization, trusted nodes, premium data, and cryptographic proofs.
It connects highly accurate and available data/APIs to any smart contract. You can then integrate battle-hardened and time-tested smart contracts to retrieve data from any API, connect with your existing systems, and integrate with any blockchain, now and in the future.
Taking an approach to tokenizing rewards via smart contracts greatly expands the capabilities of smart contracts by enabling access to real-world data and off-chain computation while maintaining the security and reliability guarantees inherent to blockchain technology.
Smart contract tokenization rewards improve Employee Satisfaction
Smart contracts support a level of automation that helps companies with many day-to-day processes They can streamline tasks, eliminate bottlenecks, decrease the chances of human errors, and allow their employees some breathing time.
This is why most companies are now aiming towards implementing workflow automation and collaboration tools. These help their workers manage their work and communicate efficiently.
Millennials and Gen Z employees don’t like working with outdated technologies, and they want equal and fair appreciation. Employee retention is crucial in such difficult times. But, automation and digital recognition platforms can indeed retain your employees with improved job satisfaction.
With our deep integration with existing systems and APIs, Trakti aids in automating the HR processes. It allows seamless data-syncing experience to manage HR functions, resulting in increased employee productivity.
Tokenization of rewards via smart contracts is turning into a viable way for companies to retain their staff and enhance employee engagement. In 2021 and beyond, companies investing in automation and digital rewards and recognition will have a competitive advantage. This is what the future of work will look like.
With the rise of remote working and the need for automation, we must embrace smart contract tokenization rewards and recognition systems in the workplace. Now or in the future, workplaces will struggle to retain their top workers if they lack appreciation.
Check out Trakti’s pricing options here.