Smart contract2023-08-01T17:28:45+02:00

Contracts

Smart contracts in your company

Automate and execute processes.

A smart contract is a type of code that enables the automatic and easy verification and execution of a contract. They operate on a blockchain instead of a server or personal computer and do not require prior human intervention to verify and enforce conditions.

Companies have recognized the benefits of smart contracts in automating processes and reducing operating costs, and have begun implementing them in their business processes.

Benefits of smart contracts for businesses

  • Transparency

The parties involved have the same information at the same time, minimizing possible manipulations of the contract clauses. 

  • Autonomy

Smart contracts do not require trusted third parties or human intervention in the process, offering autonomy and independence to the parties. 

  • Cost reduction

By not relying on a third party to verify the contract conditions and provide the necessary trust, costs associated with them are reduced. 

  • Speed

Automated processing reduces the time invested compared to manually executed contracts involving a third party. 

  • Automatic updates

The contract terms are automatically adjusted and updated, eliminating not only the presence of intermediaries but also the need for new processes to carry out such updates.

Where to use smart contracts?

Smart contracts can be used in various business areas:

Our smart contract

iCommunity’s exclusive certification smart contract is responsible for registering the required data in an immutable manner, with the appropriate security systems to ensure that it is the signer, and only the signer, who has uploaded the data.

Our smart contract operates in different steps:

  1. The first thing that is done is to register the client’s wallets on the chosen blockchain network for performing certifications. This ensures that only these wallets will be able to interact with it in the second step, and that all the registered content will be stored in these wallets and not in other wallets.
  2. Secondly, upon receiving the data to be certified, iCommunity’s certification smart contract links the data to the signer’s digital identity and passes it through the necessary encoding to uniquely register it on the blockchain.
  3. Finally, the registration is performed on the selected blockchain, with this information remaining immutable. This way, the client only needs to send the data and the digital identity with which they wish to sign it, without having to worry about developing their own smart contract, or communication with blockchain networks.
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