How can your business benefit from smart contracts?
Smart contracts are blockchain-based programs that perform operations automatically based on certain conditions.
Business intelligence and invoicing
the dapp’s invoicing system offers funding until the user is paid, meaning that invoicing systems are faster, businesses are not waiting long periods for payments and they can manage their budgets more efficiently as a result.
the business intelligence program offered by dapp gives its users a lot of data sets and analytical tools with which they can analyze business scenarios, benchmark performance and look at trends. Recorded through blockchain, the data is accurate and secure.
Businesses can use blockchain for smart contracts
Smart contracts offer small businesses a level of protection it would otherwise never be able to afford. The middleman — usually an attorney — would not be needed in a smart contract, and as such, a business would have lower costs.
Businesses can use it for capital raising
As an alternative to the use of traditional banks, lenders, private equity firms and even crowdfunding sites, ITOs are tokens available for exchanges where they can trade freely. These tokens are comparable to equity or a revenue share in a typical company.
Interested investors can buy into the offering and receive new blockchain-based tokens from the company. This token may have some utility in using the product or service the company is offering, or it may just represent a stake in the company or project.
If you are considering using smart contracts in your new enterprise, think how they can add value to your product or service. This solution should facilitate specific operation your business is dealing with – it’s better to identify what are the processes that need improvement. Moreover, you must consider what parties would be involved in the contract, what information has to be contained within the contract, and how would the involved parties access it.