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Digital Transformation beyond a Company's Walls

Blockchain and Smart Contracts

Keeping the buzz of the roller-coaster price of Bitcoin and Cryptocurrency aside, Blockchain is the decentralized sharing of simple data or information in a secure manner without having a central authority or intermediary to perform the information sharing function. Put into a practical use, businesses can use this technology to create a digital transaction ledger of time-stamped, encoded transactions (or blocks) that are shared across a network of businesses instead of resting with a single provider.

Further, with logic added to these blocks to enforce, confirm or facilitate the execution of contract obligations, they form the basics of the "Smart Contract." These smart contracts have the potential to extend digital transformation beyond a company's walls and into the business processes it shares with suppliers, customers, and partners and with ability of self-execution.

Blockchain and 'Smart Contracts' essentially enable companies to create ecosystems that help consolidating tasks and streamline business operations and boost efficiency. Compared to current transaction systems, blockchain technology offers several benefits:

Businesses can gain much from adopting blockchain. However, as with any technology adoption, that would significantly change the ways businesses work, implementing blockchain and smart contracts would require careful planning and strategy.

 

PracticeLeague is exploring Microsoft Azure Blockchain, Ethereum to build sophisticated obligation management to the Contract Management Lifecycle solution to preserve the interest of every contracting parties. We are deep - diving into the limitless possibilities of Blockchain to innovate smarter automation processes for Legal Department.

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