Smart contracts are known for automating various types of business processes and operations. The most obvious is the payment process and actions conditional on payment. However, its capabilities have stretched to many other prominent business activities.
Executing a smart contract on a blockchain can enable individuals to have control over their digital identity containing data, digital assets, and reputation. It can allow individuals to choose what sort of data to disclose to counterparties. Thus, offering enterprises the opportunity to know their audience.
Counterparties won’t have to access sensitive data to validate transactions, reducing the liability along with facilitating frictionless KYC (know-your-customer) requirements. It also elevates compliance, interoperability, and resiliency.
Smart Contracts can help UCC (Uniform Commerical Code) filling become digital. They can automate their renewal and release operations.
They can even help businesses to become GDPR compliant, as they can automate compliance with regulations that ask for destroying data, records at a future date.
Land Title Recording
Smart Contracts that enable property transfers can prevent frauds, increase transaction efficiency and transparency, and elevate confidence in identity. Eventually, reducing auditing costs, however, common protocols will need to be developed for digital record filling.
Smart Contracts for Supply Chain can work the way ERP systems do for it. They can provide real-time monitoring for every step in the supply chain management
We are best known for providing high-quality Ethereum and Hyperledger based smart contracts services. Now, we can proudly say we are on the path to becoming a top Smart Contract development company in India. We have expertise in developing secure, robust and decentralized smart contract applications. Not only this, but we also offer custom Smart Contract development services that are less complex in functionality.