Why undertake a project to create and develop
The Smart Contract is considered the technological future of digital transactions, for 3 main reasons.
The first is that these smart contracts have become a reliable and authentic means of securing an agreement between several parties, in the private and professional fields. Thanks to Blockchain technology, the simple fact to establish a Smart Contract provides several guarantees such as access to unique and authentic information, which removes the risk of conflict.In addition, the data of the contract being recorded on the Blockchain, they remain tamper-proof, which reinforces the integrity of the Smart Contract and protects it from possible computer fraud. Finally, transactions are only carried out when all the conditions are met, which eliminates the threat of error or fraud.
The second argument concerns the automation of payments on Smart Contracts, which offers many advantages over traditional contracts. On the one hand, this type of process reduces the risk of payment is triggered according to the conditions issued in the contract, without a legal deadline. Moreover, it is possible for smart contracts to carry out a total or partial payment execution, depending on the wishes of the stakeholders. Finally, some Smart Contracts offer the use of a legal construct in which the assets are handed over to an independent third party (called Escrow) who blocks payment until full verification of the terms of the contract. This also limits the risk of non-payment.
Finally, the third advantage is related to the reduction in the costs of implementing the contract, from the elaboration to the realization of the project. A traditional contract is normally sealed between several parties by through an approved professional such as a lawyer or a notary, whose fees can reach expensive sums
In the context of Smarts Contracts, the costs incurred are lower, because the only professionals included in this process are the developers, whose remuneration is not comparable to that of the professionals mentioned above .
Furthermore, since the execution of these smart contracts is automated, there is no need to involve an intermediary during its application. Thanks to the transparency of the Blockchain, it is possible to verify compliance with the contract in real time, without having to purchase an additional service.