Digital Transformation beyond a Company's Wall
Blockchain and Smart Contract
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 fundamentals of "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 the ability of self-execution.
Blockchain based “Smart Contracts” essentially enable companies to create ecosystems that help consolidating tasks, streamline business operations and boost efficiency. Compared to current transaction systems, blockchain technology offers several benefits:
Trust & Autonomy
Apart from making companies more efficient, through automation, blockchain adoption provides the trust that the technology brings to these processes. The transparency and immutability of blockchain means businesses and the partners involved could ensure that their transactions and agreements are verifiable which in turn brings compliance and accountability among parties.
Backup and Safety
On the blockchain, all the parties have their back for each other. Your documents are duplicated many times over. Further, cryptography, the encryption of websites, keeps your documents safe. In fact, it would take an abnormally smart hacker to crack the code and infiltrate.
Speed and Accuracy
Time spent on the paperwork to manually process documents is completely taken off. Smart contracts will use software code to automate tasks, thereby saving hours off a range of business processes. The contracts are not only faster and cheaper but also avoid the errors involved with manual filling of heaps of forms.
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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.