SpendEdge, a well-known procurement intelligence solutions provider, has announced the release of their latest free resource on blockchain applications and the top five benefits of smart contracts for businesses. This article is now available for free download and offers information on how smart contracts work and the top five ways it can help businesses.
Blockchain has regularly been touted as the biggest innovation in procurement due to its ability to streamline processes and build trust between transacting parties. It acts as a digital ledger that is decentralized and immutable, making the technology ˜tamper-proof. Also, since the technology is decentralized, information is shared equally between all parties of the network – thus, eliminating the need for middlemen and third-parties. By utilizing this technology, businesses can avoid conflicts, save time, and focus on their core business.
A smart contract, as the name suggests, is an electronic contract that has the capability to self-execute when predetermined conditions are met. Since these contracts leverage blockchain technology, predefined actions, such as payments, can be executed automatically without any dependence on intermediaries. To know more about how smart contracts work, download the free resource here.
Smart contracts are self-verifiable, tamper-proof, and self-executable. They hold each party equally responsible for their role in the final transaction, says a supply chain specialist from SpendEdge.
Top benefits of smart contracts in the supply chain
In this article, the experts have stated that smart contracts have the potential to bring about significant changes to the day-to-day operations of procurement managers. It provides the right mix of security and ease of application to help businesses streamline their workflows.
Benefit 1: Transparency
This is perhaps one of the biggest selling points of smart contracts. They are programmed in such a way that it eliminates the threat of disputes. All the terms and conditions are thoroughly checked and implemented, once all parties have agreed to it.
Is your team striving hard to improve supply chain management? This free resource may hold the key to success. Download a free copy of this article and stay a step ahead of your competitors.
Benefit 2: Safety and trust
With instances of data theft and privacy loss coming to the fore, companies have started hesitating when it comes to moving their sensitive data to the cloud. Contracts that have features like automatic coding are the answer that most businesses look for when it comes to data encryption. Since smart contracts leverage blockchain technology, they are extremely secure. To access the complete list of benefits, please download the article for free.
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