Smart contracts are self-executing digital agreements that contain and execute business logic. They allow us to exchange money, assets, shares, or anything of value transparent and conflict-free without having to trust the other party.
In this podcast, we will explain what smart contracts are and how they work to show you their potential for accelerating the world’s transactions. You’ll see how smart contracts can replace money transfer companies like Western Union, serve as an alternative to traditional escrow services, and make it easier for entrepreneurs with intellectual property (IP) or investors with crowdfunding capital interested in equity investments to find each other online without costly intermediaries (e.g., lawyers) and enable homeowners to run tiny public utilities.
We’ll also look at how other trusted intermediaries like banks, notaries, brokers, auditors, and custodians may use smart contracts to reduce costs and make commerce more efficient. These examples illustrate how smart contracts can dramatically reduce transactional friction anywhere a contract is involved: where legal formalities are required—for instance, in real estate transactions, consumer loan agreements, and more.
At Auxano Global Services, we see how smart contracts are already being leveraged to manage critical business processes such as product development, service delivery, project management, and HR. As we need less manual work in these areas to free up software developers who can instead focus on creating new applications, this is driving a significant transformation in the way we do business.
To learn more, listen to our podcast or if you are interested in using smart contract technology in your organization, schedule a call with one of our experts at Auxano Global Services.