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Blockchain Technology is responsible for building an ecosystem of solutions for many industries. Blockchain technology has proved its mettle by providing able security for bitcoins. Enterprises across many industries are looking for ways to induct blockchain technology in their applications. One of the most popular and widely used features of blockchain is smart contracts.
Smart contracts are the terms of the agreement between the buyer and the seller that are self-executing and written in the lines of codes. Both the concerned parties need to fulfill the terms of the contract before moving ahead. Ethereum and Ripple Payments are widely used blockchain applications that provide smart contracts. Smart contracts can particularly be useful for heavy transactional industries like real estate, banking and finance sector, and supply-chain. Smart contracts offer transparency to the entire contract and remove inefficient and slow processes which require a lot of papers. Companies are also inclined towards smart contracts as it also provides one of the best security feature available today.
Smart contracts are one of the biggest reasons for the success of blockchain technology, but innovation is the key to thrive in this dynamically changing environment. Ricardian contracts can be the next solution for companies working on blockchain technologies. The Ricardian contracts can be used to place the information from legal documents. The contracts get executed automatically and securely once both the parties meet the certain conditions in the contract. The most important feature of the Ricardian contract is its readability feature. The Ricardian contract can be read by humans and machines at the same time, which makes it both technically and legally binding. Industries that rely on contracts and technology to run efficiently and legally can be immensely benefitted using Ricardian contracts.
Apart from the Ricardian contracts, Tokens can also help to increase the scale of blockchain use cases for enterprises and consumers. Legal contracts are a major component for a decentralized marketplace. The token model allows peer-to-peer transaction for the marketplace, which makes processes like legal services and investment far more transparent, efficient, and auditable.
Blockchain technology is in its budding stages, and companies are looking for innovative solutions to use blockchain. This technology can appeal to businesses as well as consumers alike. The next phase in blockchain innovation is to build platforms that can be used by everyone.