Immutability
If a smart contract is written on blockchain, as most are, it is effectively an immutable contract which can never be changed, tampered with or broken.
Next slide: Confidence
Smart contract advantages
Confidence
Because the contract acts automatically, all parties have a high degree of confidence about what will happen and when it will happen. A smart contract usually eliminates concerns about securing performance.
Next slide: Information
Information
Including information relating to problems or defaults – is immediately available to all parties, making audits and tracking easier.
Next slide: Costs
Immutability
If a smart contract is written on blockchain, as most are, it is effectively an immutable contract which can never be changed, tampered with or broken.
Next slide: Confidence
Costs
The automation in a smart contract allows transactions to be conducted without any intervention from third parties or intermediaries, often reducing costs.
Next slide: Speed
Speed
Automation can eliminate many of the delays that are often experienced in the fulfilment of traditional contracts.
Next slide: Efficiency
Efficiency
Smart contracts can automate functions beyond the fulfilment of the contract itself, such as updating a ledger or releasing documents. They can drive back office efficiency or make other commercial functions more effective.
Next slide: International
International
Smart contracts may increase the comfort available to companies doing business across borders, potentially with parties they do not know well or in jurisdictions where dispute resolution may be problematic.
Confidence
Because the contract acts automatically, all parties have
a high degree of confidence about what will happen and when it will happen. A smart contract usually eliminates concerns about securing performance.
Next slide: Information
Information
Including information relating to problems or defaults – is immediately available to all parties, making audits and tracking easier.
Next slide: Costs
Costs
The automation in a smart contract allows transactions to be conducted without any intervention from third parties or intermediaries, often reducing costs.
Next slide: Speed
Speed
Automation can eliminate many of the delays that are often experienced in the fulfilment of traditional contracts.
Next slide: Efficiency
Efficiency
Smart contracts can automate functions beyond the fulfilment of the contract itself, such as updating a ledger or releasing documents. They can drive back office efficiency or make other commercial functions more effective.
Next slide: International
International
Smart contracts may increase the comfort available to companies doing business across borders, potentially with parties they do not know well or in jurisdictions where dispute resolution may be problematic.