What Smart Contracts Promises

Smart contracts promise a paradigm change in the way contracts are done today. Everything revolving around record keeping, cash flow, , fulfillment, compliance, share of business and so on is on one platform. This ensures amazing transparency, seamless execution of contracts and significantly error proof

Not only the efficiency we talked about above, there is complete elimination of intermediaries like legal and regulatory systems. This would enable elimination of current complexity and significant cost savings. According to a McKinsey report it is estimated that BlockChain could save businesses at least $50 billion in B2B transactions by 2021

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