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Chris Trew, CEO of Stratis, says business adoption of blockchain will also slash costs

Smart contracts have the potential to revolutionise business in the same way as the cloud or AI.

Whereas traditional contracts require a forest full of paper and depend on teams of lawyers, notaries, bankers and accountants, smart contracts are made up of a string of computer code.

This means the agreement between buyer and seller can be programmed in advance and self-execute without a middleman holding up the process.

The result is an automated paperless method for handling transactions, transfer of goods and services, managing supply chains and record keeping, for individuals, companies and governments.

Smart contracts have been made possible by the development of blockchain technology, a type of distributed ledger hosted on a network of computers, so no single organisation controls it or can corrupt it.

 

Read the whole article on https://www.businesscloud.co.uk/opinion/smart-contracts-have-potential-to-speed-up-business

 

 

 

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