Why you need Smart Contracts for your Business – Part 1 | Travelling on the Silicon Road

This episode is the first part of the share on how some enterprises are leveraging smart contracts in their businesses. I speak about how some companies have improved their business process efficiencies by converting these processes to blockchain logic and incorporating smart contracts.

Welcome to the Blockchain Hustle where I take a look at some interesting plays of how blockchain technology is opening up new business vistas across multiple industries.

TIME STAMPED SHOW NOTES:

[00.17] Introduction

[00.25] Revisit – What is a smart contract

[01.14] Value locked in a smart contract

[01.46] Features of smart contract making it viable for businesses

[03.11] Usage examples – Business process efficiencies

[03.29] (a) Secure and efficient documents workflow: Antwerp Port Authority & T-Mining

[06.05] (b) Letter of Credit process – Bank of America Merrill Lynch and Microsoft

[07.42] ( c) Escrow via smart contracts – Cost & time effective

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