Blockchain Benefits for Business - Expert Opinion
Yuriy Chudinov, Lead Architect and Blockchain Specialist at Archer Software
Does it take ages to approve your contracts? Use a blockchain as your escrow.
Everybody needs to be protected when it comes to closing a deal. Whether it is your first or your one hundredth contract, you need to have a reliable escrow partner that you trust with your money. Generally, you need someone that both parties trust, which can sometimes be difficult.
Ironically, deciding who to trust can sometimes lead to more problems, since both parties are putting all their eggs into someone else’s basket.
Does this situation sound familiar?
What if we told you that it doesn't have to be this complicated anymore?
Today, a contract escrow doesn’t need to be a person or even an institution, as most money is digital anyway. The good news is, the revolution has already happened - smart contracts.
Archer Software has developed Code Drop based on an encrypted Blockchain platform that maximizes security, minimizes risk, facilitates fraud reduction, and integrates directly to your business flow.
What is blockchain in simple words?
Blockchain technology is an open, decentralized database which allows you to perform any trusted transaction without a third party. When it comes to a making a deal, each member signs their own digital version of the contract. A group of parties, called nodes, makes a chain through which the key information about the deal is distributed between all the participants. Why do we call it a “block”? The terms of the contract are encrypted directly into the code, which is an, open public ledger. It is exact, confidential, and cannot be compromised, which helps avoid fraud.
When you make a deal with Code Drop, you use a virtual wallet in Ethereum. The information about every transaction is stored in the Ethereum blockchain. Smart contract decisions are based on inputs from you or directly from your Continuous Integration system or Issues tracker. For example, let's assume you want to purchase a service from another company. Instead of giving the provider the purchase amount with generally accepted terms, the client may deposit the money into a secure escrow account and attach the respective clauses to the Master Service Agreement. These clauses might include performing certain tasks with a clear scope of work, include deadlines, and define specific deliverables.
The escrow agent will not release the money to the provider until they meet those requirements. And, to protect the provider, the agent will also not return the money to the client unless the provider fails to meet their obligations. This is how Code Drop guarantees transparent payments and compliance with the terms of the contract.
With Code Drop you can:
make reliable contracts without intermediaries
set a clear scope of work for an exact amount of money
access your contract history, rather than keeping paper documents
make payments in any part of the world
easily record financial data
simplify the exchange of information
trace the chain of your deliveries in real time
Code Drop is simple, interactive, safe, and integrated to your development process.
Although the Blockchain is a new technology, Archer Software already has experience in developing and releasing apps using this technology in the IOT, Fintech, and in Healthcare. Contact us via e-mail email@example.com if you have any question.
We take care of the details, so you can focus on your business.
We develop Success.