How much time does it take to accomplish a simple purchase shipment process?
may take up to 10 days to finalize all the proceedings.
that a shipment of grains is coming from England and will arrive at
the port of France. When the goods will be unloaded from the ship,
the buyer would first and foremost inspect the merchandise that he
ordered. Thus, before taking the physical possession of goods, the
shipment will pass through various customs and the buyer is required
to fulfill the custom guidelines and pay all the necessary customs
duties. The paperwork is generally handled by a broker. As and when
goods are out of the customs authorities, the buyer initiates the
payment to the seller and arranges the carriage of the merchandise.
The entire process is time-consuming and complicated. A simplified version is required to easily settle the trade and to redefine the conventional structure. This has already been made a reality with the help of smart contract development services.
are smart contracts redefining the marketplace?
contracts are the self-executing contracts that use software to
enforce and confirm contract obligations. They function virtually and
minimize the transaction costs and risks attached to it.
re-imagine the above-mentioned scenario but with the integration of
smart contracts. In this, when the ship arrives and grains are
unloaded, the buyer only scans the barcode which is there on the
merchandise. After this, all of the following tasks are automatically
connected with the scanning of the code, such as filling of the
customs statement, paying necessary duties and taxes, handing over
the ownership from the seller to the buyer, and initiating the
payment. All this process takes not more than 10 minutes to execute
even after counting the causalities.
easy and quick process can be achieved with blockchain and smart
contracts. It creates an immutable record of transactions that is
shared with multiple parties and all transactions are executed and
verified automatically. It clearly also impacts the cash flow and
working capital management of the company as the transactions are
accelerated and errors are eliminated on the spot. It has also been
reported that blockchain-driven systems loose the money unnecessary
tied up in the payment disputes and can realize the benefits by
enabling complete utilization of the funds.
of integrating smart contacts
Businesses can leverage various benefits of blockchain smart contracts development, such as the following:
resistance to errors, frauds, and tampering of transactions
and traceability of data by sharing identical copies with each
transactions and data
transactions without any third-party involvement
trust in the mechanism
smart contract is a powerful tool that can be applied across multiple
industries. But today we will discuss how it is revolutionizing the
supply chain and healthcare industry.
contracts are self-executing written contracts that can be
automatically and seamlessly implemented regardless of the size of
the company. Hereby, as industries are booming, it has become
paramount to streamline various orders and establish the right path
of conduct. Smart contracts can be implemented in the company’s
structure and an immutable record of transactions is maintained. The
authenticity, origination, and delays along the supply chain can be
very well maintained and contract-related disputes can be wiped out.
Even the trust among the parties is increased and the errors are
what Andrea Biagianti, Chief Information Officer, Certified Origins
Italia Srl, explains “We believe that buyers and growers deserve a
world in which authenticity and quality are not only valued but
verified”. Goods are easily being traced with the assistance of
blockchain technology and proper track of shipment is maintained to
reduce the operational cost and enhance the flexibility of the
healthcare industry encompasses various parties such as patients,
service providers, doctors, payers, attendants, nurses, generic
staff, and others. Thus, it is of utmost importance to streamline the
overall chain and maintain an efficient payment process. Smart
contracts in healthcare enhance the level of automation and put data
of the patients in complete control and also reduce the cost of
contracts can be easily executed on both public and private
blockchain. Permissioned blockchains are secure and trusted
blockchains, helping businesses to grow exponentially. On the other
hand, private blockchains are created on open platforms.
At Antier Solutions, we provide enterprise-grade blockchain solutions, helping businesses to start with their own development process. Our smart contract development services assist businesses in speeding-up and scaling their operations.
with our subject matter experts to share your business needs and
understand how we can help you with blockchain integration, or get an