With the advent of blockchain, or distributed ledger technology, comes a new workflow automation technology: smart contracts.
As the name suggests, smart contracts operate by direction of code language, allowing them functionality that removes the need for human programming skills beyond the original coded instructions.
The contract functionality enables two parties to operate via an enforced digital agreement, in some instances removing the need for middlemen or lawyers. Smart contracts are outcome-based, with their code language gauging completion from designated inputs.
But smart contracts offer much more than their name implies; their disruption scales far beyond two entities looking to formalize an agreement. Smart contracts have the functionality to facilitate and scale autonomous processes and systems, efficiently moving data from one entity to another without complication or interruption of a manual processor.
The secure nature of blockchain technology’s distributed networks and time-stamped blocks are disruptive themselves, but it is the technology’s distinctive data processing properties that make it revolutionary for businesses that today require a third party to validate transactions.
Scaling the rate of adoption
While blockchain has the potential to recast the foundations of electronic commerce and data storage, the technology’s use by non-computer professionals has been limited by a lack of user-friendly applications.
A user-friendly system for the creation, use, and management of smart contracts, like Etherparty, has the power to disrupt business models, and the way people and business’ transact and dramatically expand the rate of commercial and consumer adoption of blockchain technology.
Etherparty is a contract wizard that removes the complexity of creating, managing and executing smart contracts on any blockchain.
“In order for blockchain to reach mainstream adoption, services that enable use of the technology need to provide users with a frictionless experience that doesn’t pose barriers to entry, like knowledge of coding,” said Etherparty CEO Kevin Patrick Hobbs.
“This is exactly what we’re building with Etherparty; a platform that allows users to take advantage of blockchain’s core smart contract functionality and produce their own lawful and binding contracts for use across nearly any industry. Etherparty creates a smart contract access point regardless of technological savvy,” he explained.
The automation of trust
The use cases for smart contracts are near limitless, with application opportunities available across almost all industries. The core use cases that Etherparty’s smart contract templates will focus on include peer-to-peer escrow contracts, supply chain management, token creation, sports wagering, real estate contracts, and contractor agreements. Using Etherparty means easy access to developed smart contracts and simply utilizing the templates that work best for your purpose, no expertise of programming necessary.
By democratizing access to smart contracts, Etherparty unleashes the speed, cost-reduction, scalability, and security benefits of the technology for individuals and businesses. The next generation of software as a service, Etherparty connects distributed ledger technology to the world.