Blockchain Technology for Agreements and Contract Management

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Overhyped Technology

No doubt, Blockchain Technology is overhyped by scammers for their personal benefits. People who have been involved in gambling and crypto trading have made Blockchain technology as a solution for every problem in the world. Many of them become millionaires, thanks to the Crypto trading. But now, every common person is aware of these scams because of the regulatory steps taken by the Governments and Financial Institutions around the world. Almost all countries have banned and regulated crypto trading and peer to peer crypto transactions.

Industries exploring Blockchain Technology

Apart from the fact that Blockchain is overhyped, it has some great potential in various industries like Media, Agreements & Contract, Arts, Supply chain & Logistics, Finance, Healthcare, etc. Developers and researchers are still working on developing solutions for real-time problems in these industries.

A general Use case - Problem and Solution

I am working on developing a use case for the Agreement and Contract Management using Blockchain Technology. So I decided to share my idea briefly on the same. The Contract and Agreements lifecycle involved various stakeholders which mean slightly made it difficult for all stakeholders to manage these contracts and as the no. of stakeholders increases, chances of contract mismanagement, breaching and frauds increase.

To counter such a problem, Blockchain will be helpful in checking and maintaining records of every step or transaction happening in the Contract lifecycle. From Editing or making a contract to signing the final contract, all the steps or states can be timestamped on public or private Blockchains. The hashes(Timestamping proofs on Blockchain) can be stored in any database which can be used to verifying the steps or transactions in the contract life cycle.

In short, this is one use case for this particular industry. And there are immense opportunities lying in other industries where developer communities and IT giants like IBM, Apache,Accenture, Cognizant, etc are working. We can help you in developing a solution using Blockchain Technology for your idea.

For more information, please connect with me at [email protected]