Once a legal department validates the contract, the contract will automatically execute its protocols. Because smart contracts are digital its business protocols are automated; there is no paperwork to process and no time to spend researching renewal dates, reconciliation, and many manual filling processes.
Trust and transparency
Smart Contracts do not require a third party’s involvement, and since all records are encrypted in the Blockchain, the information in them cannot be altered for personal benefit.
All documents and related transactions in the Blockchain are encrypted, which makes them practically immutable. Additionally, because each record is linked to a previous record on a distributed ledger, criminals would have to alter the entire chain to change a single record.
SEIF’s smart contracts eliminate the need for intermediaries to handle transactions, monitor renewals or extensions, and need large physical files.
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