SMACO is a smart contract system for businesses with a flexible hierarchy of access rights to trace and manage data.
The global digitization of the economy has been fueled and accelerated by the global crisis and the massive transfer of businesses into online space. Document flows and processes, partnerships, and customer relationships all change the face because of the constant search and implementation of technological solutions. Combinations of blockchain, Big Data, artificial intelligence, wireless technology, clouds, and the Internet of Things are the drivers for these changes.
Paperwork Is More Efficient Without Paper
The first feature for a company to work efficiently in the digital space is an electronic document management system (EDMS). Almost any document can be in electronic form. Most often, companies convert to digital their invoices, certificates of completion, contracts, and official letters. Documents in digital form are easy to process automatically. Agents can agree, sign, and send documents in a few seconds, significantly speeding up business processes. At the same time, the agents can track the status of the document and the actions of counterparties. EDMS evades mistakes and saves funds and space traditional paperwork requires.
Blockchain on the Guard of Trust and Security
For electronic document management systems, invulnerability and protection are the main need. Digital space is a field of cybercrime and cyberattacks that can zero out all the benefits of the digital shift.
In this regard, a centralized database cannot be sufficient grounds for a secure digital document flow. If the company uses a centralized database to store its internal documentation, the reliability of these records is exceptionally low. Moreover, centralized systems are vulnerable. To solve that, FCE uses blockchain technology for its EDMS.
The architecture of blockchain is a distributed ledger
. It verifies all transactions in the list constantly and does not allow anybody to intrude and compromise the data. Maintaining a unique digital imprint of the contract in the blockchain will enable the parties to keep the correct version of the contract forever, without extra papers or intermediaries. Keeping and processing documents in the clouds will provide a convenient environment for remote work. Thus, the blockchain creates trust
between the parties, as well as protects the document system.
Smart Business with Smart Contracts
The texts of contracts and other documents can be stored in the cloud with divided access. When it comes to blockchain, the cloud becomes a safe space not only for storing documentation but also for its full management. For this, the blockchain has the function of creating smart contracts.
Smart contracts are invulnerable agreements, which are software for the automatic execution of its conditions. There are many options for drawing up smart contracts, with a different number of counterparties and complex multi-stage execution. Smart contract systems can manage complex paperwork effectively and correctly, handling a lot of entities and transactions. Smart contract benefits for business are transparency, immutability, time consuming, and low cost.
SMACO: Smart Contracts for Supply Chains
SMACO is a smart contract system for businesses
with a flexible hierarchy of access rights to trace and manage data. SMACO provides a library of presets as well as tools to create personalized smart contracts. The system's customizability and simplicity are key features for using smart contracts in business.
Each of the stages of the supply chain is associated with carrying and signing documents, sending invoices, payments, etc. Smart contracts will automatically distribute funds after agreeing and receiving the required e-signatures.
Smart contracts can replace most of the existing paperwork and make it digital, fast, and secure. Further digitization of businesses is tied to the use of blockchain and smart contracts. FCE provides this opportunity in its product ecosystem. On the Internet of Things, the security and immutability of the blockchain, together with the capabilities of smart contracts, will allow us to establish transparent mechanisms of interaction with the Internet of Things sensors
and create a comprehensive smart management system. Digitizing the economy is not a simple process, but inevitable. Business leaders should understand the essence of blockchain and smart contracts and accept the inevitability of this technology, as well as see a further development path for cooperative and sustainable development.