If you are following blockchain & bitcoin news closely, you must have noticed something about many billion-dollar companies, as well as Fortune 500 enterprises. They have officially jumped onto the blockchain bandwagon and are working around the technology.
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.