Blockchain Archives - Page 5 of 8

Understanding flexibility in smart contracts vs traditional contracts

on July 8, 2021

Before digging into the lack of flexibility in smart contracts let’s see what flexibility actually is.

Traditional semantic contracts are flexible. Such flexibility operates during the negotiation phase as well as at breach.

Flexibility allows parties to use ambiguous terms, generally defined terms, commercial customs in their agreements.

Furthermore, flexibility enables parties to shape and adapt their business relationship through modifications, amendments, sometimes arbitrarily.

Reading time: 3 minutes. Photo by Ken Suarez on Unsplash.

How smart contracts will speed up production onboarding and checks

on July 8, 2021

Solutions that utilize smart contracts have the potential to speed up production onboarding and checks and offer new opportunities to reduce sourcing risk, decrease administration cost, and improve stakeholder engagement.

In an increasingly digitised world, emerging technologies, such as blockchain, afford organisations the opportunity to drive business value by streamlining production onboarding and checks.

Reading time: 4 minutes.

Trakti Contract obligation management and control Photo by Nick Fewings on Unsplash

Obligation management and controls with Smart Legal Contracts

on June 30, 2021

Contract obligation management and controls with smart legal contracts offer a more secure and streamlined way to achieve an effective and automated contract management system.

Contract management has long been the norm for many industries looking to streamline their supplier and vendor relations. However, the process of managing contract creation, execution, and analysis has historically been plagued by inefficiencies and error due to the manual work involved. That is why we’re seeing a new standard in the form of contract obligation management and control with smart legal contracts.

Reading time: 3 minutes. Photo by Omar Flores on Unsplash.

Friction points smart contracts can solve

on June 30, 2021

The application of smart contracts can streamline transactions across the globe. Friction points smart contracts can solve begin with the automation of trust between parties. This is blockchain’s primary purpose.

Smart contracts can reduce the operational friction required to validate ownership, identity and contractual terms by allowing participants to interact directly with one another with no middlemen providing verification.

Reading time: 5 minutes. Photo by Ehimetalor Akhere Unuabona on Unsplash.

Smart Legal Contracts for Managing Supply Chain Ecosystems Efficiently

on June 11, 2021

More and more enterprises are turning to smart legal contracts for managing supply chain ecosystems efficiently. Smart legal contracts can provide secure, accessible digital versions to all parties in a single transaction. In addition, they can also manage the workflow of approvals and automatically transfer upon all signatures being collected.

Reading time: 4 minutes. Photo by Sigmund on Unsplash

Trakti Blockchain for automation in supply chain operation

How we can use blockchain and smart contracts for supply chain automation to avoid future disruption

on June 8, 2021

The relationship between blockchain and supply chains has developed in recent years. Thanks to concrete examples and successful pilots, blockchain and smart contracts for supply chain automation are now gaining momentum.

In less than a decade we’ve started to see real-world applications and how some industries are already reaping the benefits. Distributed ledger and blockchain technology clearly have many far-reaching implications for global trade and supply chains.

Reading time: 3 minutes. Photo by frank mckenna on Unsplash

Smart Contracts as a measure of economic health

Smart contracts as a tool for achieving greater economic health

on June 2, 2021

Smart contracts – the advent of blockchain technology – are becoming an effective tool to measure economic health as they take CLM systems and businesses to the next level.

Reading time: 4 minutes. Photo by Michael Longmire on Unsplash

Blockchain