SMART CONTRACTS AND BENEFITS OF AGRODEX
In order to conclude any transaction, you must contact the notary or a lawyer, pay for the documents and wait for their execution. Often, many points of these documents contain references to legislative articles that can be interpreted for themselves, bypassed. In the event of failure to comply with the terms of the transaction, in real life, people have to go to court, again spend money on the process and prove their case. At the conclusion of such transactions in general, it cannot be talked about the confidence of parties to the contract. People have always realized the need for optimization and were looking for a revolutionary solution to the existing problems of workflow. At this difficult moment, a smart contract appeared that negates all existing problems.
The simplest example of using smart contracts is multi-signing. With the help of such a signature, the parties to the agreement can freeze a certain amount of coins on the blockchain so that, if necessary, more than half of the participants will need to sign it. Such a condition of the contract ensures the safety of funds invested in the project. In case of failure, the funds will be returned to the investor automatically. If the collection of the claimed amount was successful, then the participants of the multi-signature will activate their keys, confirming the good faith of the project in which they invest.
Thus, it is possible to highlight the main key benefits of smart contracts:
- Saving money and time, since you no longer need to resort to the services of intermediaries to enter into contracts or transactions;
- Security is ensured, since the prescribed terms of the contract are stored in a distributed registry, and no one can change them;
- Absence of intermediaries allows the parties to the contract to work on more favorable terms and save their money on lawyers, notaries, auditing and intermediaries;
- Smart contracts provide faster resolution of issues. As soon as the terms of the contract are fulfilled, the parties immediately exchange assets.
Using smart contracts, Agrodex users can fully enjoy all the benefits offered by the smart contract technology. Modern market participants in a short time will be able to appreciate the advantages of technology over traditional methods of sale.