Growing a business is hard enough without having to keep up with today’s ever changing digital ecosystem. As the proliferation of new technologies and systems continues to alter how business everywhere is conducted, owners and founders may struggle to keep up.
To find an example of this, one need look no further than to blockchain technology, where the application of decentralized structures is increasingly reshaping how businesses and individuals in nearly every sector of the economy relate to one another. Within this growing shift, smart contracts have emerged to present a different way to organize and manage agreements between entities, while simultaneously offering a number of key new benefits.
Fortunately, legal services such as Lexyom now offer expert legal advice to help business owners understand the unique benefits of emergent systems such as smart contracts, and are there to guide owners and construct tailored smart contract solutions that best suit their individual needs.
What are Smart Contracts?
Smart contracts serve the same function as traditional contracts. That is, when two parties seek to establish terms and mutual obligations, they enter into a legally binding agreement. What makes smart contracts unique, however, is their utilization of blockchain technology, which allows for automating agreement execution in a decentralized, transparent manner, forgoing the involvement of third parties.
Through the use of blockchain, smart contracts execute agreements automatically and digitally, eliminating both the need for paperwork and the time normally spent correcting human mistakes. This facet alone leads to saved time and money for involved parties.
Blockchain functions through a decentralized system, encrypting transaction records on a distributed ledger that is shared across all participants. This means that in order to make even a single alteration to the ledger, one would need to change the entire chain, a tall task even for the most adept of hackers. The decentralized nature of chains grants parties entering into smart contract agreements unparalleled transparency and security, and in doing so, improves relations between them.
Smart contracts also serve as the foundation for DAOs (Decentralized Autonomous Organizations). Essentially subscribing to the same principles of blockchain technology, DAOs open platforms that function effectively as businesses, making use of an interconnected network of smart contracts to perform both essential and non-essential processes.
Given that, generally, the use of these technologies increases transparency, trust, and efficiency in systems, regardless of their specific application, smart contracts and DAOs stand to improve how business is conducted across a broad range of sectors. In medicine, smart contracts are augmenting supply chain transparency to ensure the proper handling of delicate pharmaceuticals from supplier to patient. Retailers have made substantial use of the same blockchain tech to create real time communication between suppliers and vendors, resolve conflicts, and improve the efficiency of their processes.
Where Does Lexyom Come In?
As the demand for smart contracts and DAOs grows, so too does the need for legal services that can help parties understand blockchain, draft appropriate agreements, and build corresponding smart contracts. Among them, Lexyom, the first digital legal platform of its kind in the Middle East, stands out. Their broad range of services cater especially well to the needs of startups and small business owners, for whom legal proceedings often consume valuable time and detract from their work.
Among their offered services, Lexyom’s smart contract consulting walks clients through how the technology works, how it can be best applied to help them realize their individual goals, and the steps required to set up a relevant smart contract. Thereafter, the legal group works closely with their clients to construct the perfect smart contract, achieving a desired function by utilizing blockchain technology. Through Lexyom’s digital legal platform, clients can create a customized, secure dashboard tailored to their needs and can easily submit a request for consultation before meeting, via video call, with an experienced lawyer.
Lexyom’s secure, clear, and easy to use digital platform allows business owners to access expert advice on smart contracts, DAOs, crypto and more from the comfort of anywhere. The company’s intuitive approach takes the headache out of legal, making it simple for users to get the assistance they need in a secure manner without expensive lawyers, surprise fees, or complicated contracts.
Whether you need help in setting up the perfect smart contract, or with a host of other legal agreements and proceedings, Lexyoms expert team of lawyers makes legal easy, allowing you to get back to what you do best.
Visit https://lexyom.com/ today to learn more and set up your own custom legal dashboard.