Are you a victim of late or non-payment, and unfair determination and interpretation of contract terms? As a client, are you concerned of your deposited money being used appropriately and legitimately and only for your project?
If YES, the use of smart contracts is a potential solution for you.
Unlike traditional contracts, smart contracts could help mitigate the notorious issues of late- or non-payment, enhance transparency and consistency among contractual parties, and reduce the need of intermediaries, laborious clerical work and human errors. Collectively, this improves the efficiency and cost effectiveness of setting up, managing, tracking and documenting the enactment of contractual obligations.
Our smart contracts will be drafted based on pre-approved and tested templates using pre-trained programming languages developed using Machine Learning (ML) techniques (Natural Language Processing) in analysing previous contracts, forms of contracts and legal standards. By training on vast datasets of legal documents, our ML models can classify, learn and identify relevant clauses, terms, conditions, flag risky or non-compliance terms, and generate custom clauses on a case-by-case basis. This thus bring about efficiency, timeliness, and consistency.
Generally, our smart contracts will operate on the notions of “if ®when® then” towards executing pre-determined courses of actions when relevant terms and conditions of respective tasks or packages have been met by contractual parties as coded in respective blockchain nodes. The codes, written in programming languages, operate autonomously and execute actions without the need for intermediaries or manual intervention, enforcing rules through decentralized logic rather than traditional legal or third-party enforcement mechanisms.
A blockchain is a distributed digital ledger technology with time-stamped and immutable blocks of data that do not need central storage nor a control authority, and each block is secured and linked, using cryptographic principles, that enables the decentralized documentation of peer-to-peer transaction across a network. Figures 1 and 2 show the simple illustrations of traditional and smart contracts set up and administration.
In our services, we ensure that our smart contracts are aligned and compliant with the principles of traditional contract law, such as offer, acceptance, and considerations, and resolving potential conflicts between the natural language and coded portions of each agreement.
How Smart Contracts Work:
