How smart contracts are fast rising to replace lawyers

The decentralized intelligent technology models are fast taking the center stage, and the aftermath results are positively overwhelming. Now, the world is fast approaching the era when our everyday activities would become largely devoid of inconsistencies and human shortcomings, because of the better effective ways of doing things that are being invented as the days go by. This is exactly what it means to host agreements and transaction deals between participating persons, on a smart contract.

What you need to know about smart contracts

Smart contracts are decentralized technology based tools that are built on assigned program language instructions, which serve as their functioning bedrock. They act as implementers of agreement between multiple parties, in a way that ensures that all the guiding instructions for the agreements are fulfilled by each participating member. Hence, smart contracts stands as the middle man, as well as the upholder of the law governing the transacting parties. For instance, if you need to give ownership of a property out to another person after which the person must have fulfilled certain conditions, the running smart contract sees to it that the prerequisite conditions have been met by the other party before releasing the documents that grants access to the intended property. This means the smart contracts are standing as a valid escrow for such agreements, hence removing the need for a physical enforcer such as a witnessing legal practitioner.

How relevant are smart contracts?

The world at this time, seems to racing fast for full automation. The convenience that comes with setting things to motion without need for a monitoring or controlling human presence, cannot be overemphasized. Smart contracts sufficiently brings that convenience to the table, alongside other massive advantages to our contemporary societies.

With these agreement enforcing tools, there are now reduced needs to employ a lawyer, as in the conventional contract signing that people know. Everything pertaining to agreements are programmed to proceed and stop on its own, without need for any additional control inputs.

Consequently, since smart contract agreements are implemented this way, there is increased trust and transparency, as non of the concerned parties can tamper or manipulate the programs while it is running. This means all the participating parties are accorded the due fairness, based on the conditions that was agreed upon. In addition, transaction information are recorded on a blockchain and hence cannot be ‘misplaced’; instead, each transaction information is duplicated severally across multiple computers.

Other merits of smart contract use are the high speed of transactions, top rate transaction recording accuracy, as well as reduced transaction fees, amongst others.

Robotina would adopt the use of smart contracts

In recognition of the many advantages of smart contract use, and in our bid to bring these massive merits to our platform users, the Robotina company has finalized decisions to host transaction activities between users, using smart contracts.

The company would be utilizing the world’s most relied smart contract hosts- Ethereum, to bring this objective to life. The Ethereum network would provide a complete enabling environment for any smart contract type that our users may want to implement- no matter how tedious it seems.

We would use the first set of developed smart contracts as a tool for managing the subscriptions, while the subsequent smart contracts would see to every other transaction that is being initiated on our platform.

With the use of smart contracts, we hope to draw closer to becoming an highly effective platform, that runs as smooth as anything of such can be.