ADVANTAGES

Smart Contract Advantages

Cost Efficiency

Smart contracts promise to automate business processes that span organizational boundaries. This can eliminate many operational expenses and save resources, including the personnel needed to monitor the progress of a complex process that executes in response to conditions that span companies.

Processing Speed

Smart contracts can improve the processing speed of business processes that run across multiple enterprises.

Autonomy

Smart contracts are performed automatically by the network and reduce the need for a third party to manage transactions between businesses.

Reliability

Smart contracts can also take advantage of blockchain ledgers and other distributed ledger technologies to maintain a verifiable record of all activity related to execution of complex processes and that cannot be changed after the fact. It also supports automated transactions that remove the potential for human error and ensure accuracy in executing the contracts.