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Smart Contract applications
Smart Contract Applications
Simple answer: Automate workflows and digital processes for users and agents across your organisation
A smart contract is a self-executing contract with the terms of the agreement between any given participants on a transaction. The contract and its terms are written into lines of code. Its lifecycle is transparent to all participants.
Each smart contract can be iterated on a single golden source of truth and natively integrate with multiple participants and applications.
Golden source of truth
A golden source of truth is any given public or private database, storing transactional and contract data, which is trustworthy for all participants.
This can be a a distributed ledger or a blockchain, or a traditional on-prem or cloud database.
Non-repudiation is achieved by combining the self-executing nature of smart contracts and the trust provided by its underlying golden sources of truth.
In this sense, trust can be defined as the ability of a data source, and of its underlying infrastructure, to ensure data confidentiality, integrity, and availability throughout the smart contracts' lifecycle.
What can you do with Smart Contract applications?
Integrate multiple participants and applications under unified transaction contracts, rules and protocols.
Leverage on non-repudiation to automate business processes, operations and tasks.
Find some practical examples bellow.
Data Notarisation and
Leverage on golden sources of truth and mission-critical distributed and shared databases, supporting universally reliable data and processes.
Non-repudiation and near real-time data reconciliation and settlement for participants with different levels of trust.
Integrate natively with multiple applications, devices and participants involved in your business processes.
Smart contract applications can allow up to 55% savings in operations and labour hours, and a reduction of at least 30% in compliance costs associated credential issuing and verification processes such as Know Your Customer (KYC).
Business Process Automation
By integrating workflows and non-repudiation mechanisms with your data models, smart contract applications can automate processes and augment data exchanges between different systems and participants.
Legal Smart Contracts
Digital equivalents to paper-based written and signed contracts. Non-repudiable P2P transactions between institutions and people, governed by smart contract applications and golden sources of truth.
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