Smart legal contracts Archives - Page 3 of 5

Understanding Smart legal contracts

on July 20, 2021

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.

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.

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

Redesigning contracts using Legal Design Principles

on May 17, 2021

Redesigning your contract using Legal Design Principles presents a way to streamline contracts to make them more understandable to everyone who reads them. Achieving such a level of standardization means your contracts are clear, legible, and binding.

Reading time: 3 minutes. Photo by Ben Kolde on Unsplash

Supply chain resilience in the face of a global pandemic

on May 12, 2021

The COVID-19 pandemic has had a dramatic effect on global trade, disrupting industries, economies, and supply chains. Prolonged lockdown periods caused a supply and demand shock. Governments, businesses, and individual consumers struggled to procure basic products and materials. Most of them were forced to confront the fragility of the modern supply chain to achieve better supply chain resilience.

Reading time: 3 minutes. Photo by Brett Jordan on Unsplash

Smart legal contracts