Smart Contracts Explained
Serving as a driver for every business’ value growth, Smart contracts have the power to redraw and automate organisational relationships in various industries within a legal context. Further, they can enhance existing contracting methods by integrating external data sources, such as IoT devices, to provide real-time status about the execution of obligations and automate various legal and business operational practices.
Smart contracts are legitimate and enforceable by law. Moreover, they are endlessly scalable regardless of whether they are built on a blockchain or distributed ledger (i.e. Corda).
The Benefits of Smart Contract Development for Your Business
Similar to traditional contracts, Smart contracts are legally-binding agreements that determine the relationship between different parties. However, they have some additional benefits.
Smart contracts are self-executable. Once the conditions that have been agreed upon are met, the contract executes each step automatically.
Without the need for human interaction, Smart contracts are executed immediately and are more efficient than their physical counterparts.
Smart contracts are legally enforceable and follow all industry regulations, which eliminates the possibility of manipulation or error.
Thanks to the contracts’ automation, minimum human interaction is needed, which reduces costs for your business.
Smart Contracts ease scalability for your business.
A highly-trustworthy instrument reduces the risk for late payments, human-made mistakes, or miscommunication.
How We Approach Smart Contracts?
At INDUSTRIA, we’re a diverse collective of thinkers and doers. We believe that embracing our differences is the key to promoting innovation and bringing effective results.
Why Smart Contracts and not Traditional Agreements?
We understand that implementing traditional contracts comes with high costs, poor efficiency, disconnected data and customer experience. The payment delays and insufficient legal administrative work is a cost to your company and future scalability.
You need a solution that will solve these issues and be technically beneficial and legally-authorised for your industry, that integrates contract data with digital accounts in one place so you can make data-driven decisions.
How Are We Different?
We develop Smart contract solutions on a distributed ledger platform with API-led modular architecture. We know how to increase the speed, contracting process, and automation of your legal agreements, ensuring reliability, timely payments, and no changes to the contracts without agreed terms.
Our digital contracts’ logic and automated decision-making processes will replicate elements of your standard contractual forms and reduce administrative friction. By automating routine and repetitive transactions and standard legal forms, we reduce administrative work and optimise your operational processes while saving you money and time.
Our Smart Contracts Solution: Automatically-Executed Legal Contracts on Blockchain
We understand that Smart contracts are not just digitised documents but an extension to your industry needs:
- Digitised operations
- Rich data
- Increased revenue
- Modular architecture
- Recurring and traceable revenue
- Flexible toolkit for expansion of services
- Integrations with standardised systems
Trade & Supply Chain
Smart contracts can be implemented from trade finance to customs procedures, certification and transportation, and logistics.
Banking, Insurance, Finance
From error-free processing of insurance claims, smooth peer-to-peer transactions, and streamlined KYC processes to transparent auditing and beyond.
Streamlining processes to fraud reduction, resource sharing, secure data storage, etc.
Ensuring traceability and incorruptibility of sensitive data registration and automatic clinical findings verification.
Simplifying business and trade between both anonymous and identified parties without the need for a middleman to verify the terms.
The best way to digitise employee information and implement corporate policy seamlessly.
Тhe transition to a more efficient, transparent, and transactive energy market.
Eliminate the need for intermediaries from a business contract and streamline the process.
Why To Work With INDUSTRIA
We don’t just provide better document versioning for contracts. Our 20 years of experience in providing solutions for these industries is why we focus on the automation of a living contract. We build the necessary digital infrastructure to extract contractual data and use it for better decision making and operational efficiency.Learn More
Schedule a call with an expert
Kalina TonkovskaBusiness Operations Manager
Kalina has more than 5 years of experience in IT project management, e-commerce, and DLT, with a focus on new and developing markets. Kalina has a bachelor's in Psychology from New Bulgarian University. She is Professional Scrum Product Owner (PSPO) certified and speaks English, French, and Chinese.