INTRODUCTION TO SMART CONTRACTS
Smart Contracts are virtual contracts, formed by using the Blockchain Technology. Their strength lies in security, reliability, and incorruptibility. They are decentralized, disabling any type of external intervention. As a business, you know that your relationships with your vendors and customers are built of contracts; the bigger your business, the more of the contractual needs you have. The traditional way of making contracts needed a lot of paperwork, human intervention in terms of approvals, and open to opposition.
Smart Contracts does away with all of those traditional and time-consuming methodologies of making legally binding contracts. Smart Contracts are written in computer code, and published into a Blockchain Network. These contracts are the virtual versions of regular contracts, coded with predefined conditions.
Expertise in Blockchain development is rare, and at Soulstice we have proactively adopted the technology, implemented use-cases, and have built our own solution.
WHY CHOOSE SMART CONTRACT?
Antiquated & Inefficient Process
4+ Million Faxes received by syndicated
loan custodians in 2012
Average settlement time for a
syndicated loan in
the US is 20+ days &
in Europe 48 days
The FBI estimated $40+ billion per year, for the total cost of non-health insurance fraud & $2 billion cost of fraud to the diamond industry in London alone.
$4 – $5 Billion
ASX estimate of end-to-end costs in Australian
equity markets which are ultimately
paid for by the issuers and end-investors
Concentration of Risks
$277 billion per day was the volume handled by UK’s RTGS payment system that went offline for ten hours in 2014, delaying deals worth billions.
BENEFITS OF SMART CONTRACTS
Security and Efficiency
Automated contracts use the highest levels of data encryption we currently have available, something crypto-currencies use. It’s a level of protection unmatched, and hence is one of the most secure and efficient ways of building a contract in the World Wide Web.
Paper Free and Storage
Of course, these contracts are paper-free, which is a good thing in the modern world. These contracts record each detail in the transaction and are stored permanently in the network. In the event of data loss, which is a rare occurrence, it is easy to retrieve the lost data.
Minimal Cost and Time
Since these contracts are code-based and automated, it reduces the time and cost of processing a contract. There is almost no human intervention, thus these contracts are generated more efficiently. It also eliminates the risk of fraud, since the network is managed in a decentralized manner, as opposed to an individual or party.”
Accuracy and Transparency
As we mentioned before since there is hardly any human intervention the scope of errors is almost reduced to nil. It also facilitated faster processing. Once processed, the code of the contract does not change, and the contract is there forever, unchanged. This builds trust between all the parties involved in the contractual agreement.
HOW DO WE DEVELOP SMART CONTRACTS?
We clearly understand your usage of Smart Contracts pertaining to your business needs, in terms of vendors, clients, and the longevity of the contracts and parties involved. Once we have gathered the required information, we brainstorm and create a real-world application of a smart contract for you. We do it by creating a real-world use case.
Our solution architects develop a perfect Smart Contract that consists of the clear delivery roadmap. The Smart Contract will consist of clear information movement and design architecture in compliance with the GDPR compliance requirements.
The Smart Contracts will be developed by the rigorous best practices of Software Development Lifecycle. We would subject the release to both alpha and beta phases. Once the release has been agreed upon, after severe testing, the Smart Contract is ready to be released.