Blockchain technology serves as the foundation for smart contracts and cryptocurrencies. These are new age mediums for conducting secure, low cost, reliable, and tamperproof cross-border transactions.
Market Research Future experts predict that smart-contracts market may notice a compound annual growth of 23 percent by 2023.
Smart contracts control the transfer of digital assets or currencies between buyers and sellers. The advantage of a smart contract is that it automates the verification of the terms of an agreement and execute transactions.
Conventional business agreements require a lawyer and a broker to monitor and complete a transaction. Lawyers and brokers are the middlemen who oversee agreements including payments, delivery scheduling, invoicing, and meeting terms and conditions. They usually charge a significant amount to execute contracts.
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Read the full blog here: Implementing Smart Contracts for Your Business