Blockchain technology – a decentralized, transparent, shared and immutable peer-to-peer digital ledger – has been gaining increased attention for the past few years. Blockchain is effective whenever the transparency, security and inalterability of records is vital, which is why it’s already being widely applied in the financial industry. However, Avalon Life, a leading company offering education and innovative solutions regarding blockchain technology, argues that businesses can benefit even further by utilizing blockchain-based smart contracts to streamline and secure their digital transactions.
Smart contracts – digitally signed, computable and self-executable agreements between two or more parties, which keep track of terms of agreements and automate the steps towards each term’s fulfillment whenever predefined conditions are met – are among the biggest, yet highly underutilized, advantages of blockchain technology for businesses across a wide range of industries. Smart contracts are executed by a computer network that follows the contract’s code to verify and enforce every subsequent action based on the consensus of involved parties, eliminating the need for third party intermediaries like banks and escrow services, and representing an accurate, fast, affordable, and safe method to carry out transactions with reduced risk of lag, error, manipulation, or malfeasance. When used correctly, blockchain technologies can reduce processing costs by at least 40%, by providing access to all secured digital records for the parties taking on the risk and automating contractual obligations using Smart Contracts. Moreover, the transparency and immutability of blockchain-based smart contracts promote compliance and accountability among parties, fostering healthy business relationships.
As noted by Avalon Life, while blockchain development and integration into an existing system is challenging and requires a high level of technical expertise, platforms like Jincor allow businesses to work with cryptocurrencies and smart contracts without any legal, technical, or operational difficulties, and take full advantage of the technology. For instance, e-commerce companies can use cryptocurrencies for payments to cut costs by avoiding third party payment processors and merchant processing services. Likewise, merchants can utilize smart contracts to automate the fulfillments of orders, particularly the delivery of digital goods. More complex applications of smart contracts can secure and improve supply chains. The MediLedger project, a joint venture deploying the capabilities of blockchain and operating in compliance with the Food and Drug Administration (FDA), allows pharmaceutical companies to track prescription medications as they are distributed across a country, reducing the risk of theft and tampering with raw materials, as well as identify and prevent counterfeit products from entering the supply chain.
Avalon Life S.A. is a leading active crypto community offering education and innovative solutions in the blockchain technology field. Having launched a referral-marketing model in 2016, the firm was the first to introduce mining packages with the X11 algorithm to the market, and later became one of the most notable mining providers for Dash cryptocurrency. Driven by the rapid evolution of blockchain technology and the determination to meet social responsibility, Avalon Life has established strategic partnerships around the globe and offers a unique range of perspectives for nearly all sectors of the blockchain industry.
Avalon Life – on the Significance of Top US Exchanges Launching Bitcoin Futures: https://finance.yahoo.com/news/avalon-life-significance-top-us-194700246.html