Blockchain Quick Reference

Automating processes and resolutions between parties

The most immediate advantage of smart contracts is that they reduce the labor and pain involved in even successful and faithfully carried out agreements. Take for example, a simple purchase order and invoice between companies. Imagine a company called FakeCar Inc. that decides they need 1,000 wheels from their supplier, Wheelmaster. They agree between them that each wheel will cost $20, with payment made when the wheels are delivered to FakeCar. At the beginning, the wheels might be shipped by freight, passing through multiple hands on the way to FakeCar. Once they arrive, FakeCar would need to scan and inspect each wheel, make notes, and then issue a check or wire transfer to Wheelmaster. ...