Agreement And Blockchain

By September 9, 2021Uncategorized

The second subject is the subject of the agreement. It can only be an object present in the Smart Contracts environment. Alternatively, Smart Contracts must have free and direct access to the object. Although Smart Contracts were first discussed in 1996, it was this particular object that halted their development. This issue was only partially resolved after the release of the first cryptocurrency in 2009. We designed the platform to offer a high level of security through encryption and limited data exchange, while allowing for full transparency. The solution allows each party to always have access to a live contract and each revision of the contract is recorded, creating an anti-manipulation audit trail. This goal is achieved by collecting and storing unique hash codes of documents and transactions in the blockchain. Hashcodes are the sequences of unique characters that distinguish one contractual version from another. Once the parties using the product have established a connection through each hosting of a network node, each party can manage its contractual actions on the front-end and have confidence that they all work with the same version.

This is possible because blockchain technology supports the platform`s backend, which acts as the single source of truth….