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Our team at Cryptonite Solutions are experienced with the development of smart contracts.
Business enterprises are always formed on written contracts. However, these written contracts can be troublesome as it can cause both business and legal conflicts. To solve the issues attached to this traditional contracts, smart contracts were created.
A smart contract, which is in form of a computer program is such that is automatically executed provided the already programmed conditions are met. This simplifies trade and business between involved parties.
Due to its automation, transparency and trust, smart contracts are currently gaining acceptance and are being rapidly adopted by multiple industries.
We give advices to various industries and business models ranging from finance to real estate, healthcare, and more, on how best to create smart contracts.
Why does your Business need a Smart Contract?
The automaticity of smart contracts allows for an unrivalled efficiency and cost reductions in business operations. Some of the reasons you should get a smart contract are:
- Disintermediation: The smart contract allows for agreement between business parties without involving a third party.
- Real-Time Execution: Once the pre-programmed conditions are met, the execution of the program occurs simultaneously for all involved parties.
- Transparency: The smart contract encourages trust in the network as all participants can see the information contained in the contract.
- Security: Using a smart contract enhances security as the distributed ledger prevents alterations.
- Accuracy: As a result of its automated means of record-keeping, storage and retrieval, there is an elimination of human error.
- Financial Saving: Being an automated program, human involvement becomes redundant, thus reducing risks and costs.