Home Fintech 5 benefits of using a Smart contract and now you can use them too
5 benefits of using a Smart contract and now you can use them too

5 benefits of using a Smart contract and now you can use them too

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Good sharing of smart contract benefit the user from blockgeeks.com. To find out more about the smart contract, read the secret why expert use smart contract

 

5 benefits of a smart contract to remember:

  1. Autonomy – You can create a smart contract without the need to walk yourself to law chamber or a contract house to draft a contract. There is no need a witness as well.
  2. Trust – Document is encrypted on a shared ledger.
  3. Backup – You don’t need a vault to keep the paper contract. Which I still remember my parent keep their contract in safety box!. Your document is duplicated many times on blockchain and even the government can’t take it down! You can check the story of activists use blockchain to skirt China censor on #metoo. click the link here to read more
  4. Saving – the cost of “creating” a contract is cheaper. But you should understand the content of the smart contract and if the involved responsibility of the contract is huge, I advise you to pay professional to help you to screen thru the contract details to help at least give you their advice and professional view on the contract before you sign. As you are paying their advice as they add value to your decision. You should look at the “value” instead of the price.🧐
  5. Accuracy – When you key in the data into the smart contract, all of the rules or term is much accurate. On the other hand,  if you compare it with manual filling up on the paper form, you can make more error. Furthermore, You don’t need a pen in this process to sign!

Hope you make your own due-diligence when you sign any contract and welcome any comment from you.🙂

regards,

Patrick Goh

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Patrick Goh Mr. Patrick Goh B.S is a research engineer with more than 10 years in industry of IT, Engineering and Financial market experience. In 2013, he joined financial institute’s research team as R&D software engineer mainly researching on technical analysis, inter-market correlation and fundamental factor in leveraged trading instrument using machine learning technique and programming algorithmic trading strategy by quantifying trader sentiment behind the price movement.

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