All posts tagged Smart contracts
More and more companies are looking into ways to automate contracts and the benefits of doing so. Today, we explore the most common use cases for contract automation in HR and how you can improve your candidate selection and onboarding process via contract automation.
Contract automation via smart contracts helps companies manage proactively the large quantities of data their HR departments deal with on a daily basis.
Reading time: 5 minutes. Photo by Austin Distel on Unsplash.
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Understanding smart legal contracts – a computer protocol intended to digitally facilitate, verify, or enforce the negotiation or performance of any agreement between participants on the blockchain.
Reading time: 4 minutes.
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A hold-up problem in contracts is the situation where after one party has made some relationship-specific investment, the counterparty refuses to fulfil the original terms of the contract asking for better conditions.
Reading time: 4 minutes. Photo by Kai Pilger on Unsplash.
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Decentralization over blockchain infrastructures is a fundamental aspect in the adoption of the technology and is the main reason why it has acquired increasing importance in the last decade. The technology emerged to implement peer to peer transactions of digital money that could displace commercial banks’ gatekeeping of digital transactions of bank deposits and central banks’ monopoly over the value (and therefore supply) of fiat money. And it has gone a long way since then.
Reading time: 10 minutes. Photo by Thought Catalog on Unsplash.
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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.
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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.
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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.
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