If you lived early enough to see the day of paper maps and heated arguments in the front seat, the GPS is probably a huge blessing. The era of the GPS has brought a whole new level of sophistication on the road.
GPS is not only an easy-to-use tool that gives drivers better confidence and peace of mind, but it also provides insights that are invisible to the naked eye. An accident ahead, an obstacle on the road, a better route that will cut commute time in half. These are the modern conveniences we all know and love. And while the paper map may have served Christopher Columbus and our own parents well, not many of us would ever choose to go back to the old way.
The same will hold true with paper contracts and e-Signature services - you won’t want to go back to the old ways when you experience the new path created with Smarter technology and with Smart Contracts.
A Risky Road
When email first emerged some thirty years ago it was never intended to become the backbone of all business communications. Now, we send our most important documents across this outdated platform, ignorant to all of the risks being presented along the way.
According to Google’s Transparency Report, 40 to 50 percent of emails that are sent between Gmail and other email providers are not encrypted and are therefore unsecured. This puts our information vulnerable to prying eyes, creating a dangerous ecosystem for paper contracts and personal information. The reality is, if we keep going back to the old way of ‘paper maps’, we will just continue going in circles.
The Vicious Cycle of Paper Contracts
You are looking to hire a caterer for an upcoming event at your firm. You first send a quote and wait to hear back. After you finally hear back from the catering company, you send a contract via email. The catering company then has to download the contract, sign it, scan it, and send it back. Meanwhile, your company is left playing the waiting game until you receive the contract. A week goes by and you notice that an important change needs to be made to the contract. And so the cycle begins again…
What is a Smart Contract?
When it comes to navigating your business, there is a better way and that way is the Smart Contract. Based upon decentralized blockchain technology, smart contracts are a secure way to facilitate payments, automate activities and carry out cross-cultural contracts. It allows organizations to set terms and conditions with their consumers and automate next steps once those conditions have been fulfilled. This will inherently save time, a lot of headaches, and even more money.
The Growing Digital Signature Market
Today, many businesses rely on the model of hidden seat fees. Companies like Dropbox™ charge based on a payment plan and it doesn’t matter if you’re using it or not because you’re getting charged either way. Regardless, the market for digital signature platforms is growing tremendously. According to Stratistics MRC, the Global Digital Signature Market accounted for $662.4 million in 2016. It is expected to grow at a CAGR of 30.0%, reaching $3209.4 million by 2022.
Enhanced ‘data integrity’ and ‘transparency’ are said to move this market forward, and at the intersection of this growing market is the blockchain. The blockchain has the potential to change digital signatures for the better, creating a pay as you go model to power collaboration and a circle of value with just one token.
“Hey, I didn’t sign that” “That’s not my signature!” This is yet another problem that the blockchain can erase from your business. Smart contracts require each individual signer to be authorized and authenticated on the blockchain using several forms of identification. This ensures that the signer on the other side is really who they say they are, creating a sense of trust that has always been lacking in business.
With email and paper contracts there is no version control to see various versions of a contract, no automation, no payment gateways and triggers, no reminders of contractual obligations, and to top it all off, you can never really be sure who signed an agreement.
Thanks to the functionality of the blockchain, users can enjoy all of these benefits with trust embedded in the very platform, itself. Businesses can then map out even more opportunities for growth and global expansion, bringing clients and vendors closer to you and inviting conversations through the Smart Contract’s suite of instant messaging, file sharing, and more.
No matter how old school you are, you’d have to admit, the old way is pale in comparison. No longer do contracts have to work against us. It’s the modern age and the path is pretty clear.
Become an early adopter! For just pennies a contract you can BCERTin it will be authenticated, secured, automated and take you into the next generation of technology. The BCERTin platform with Smart Contracts is now in Beta and here for you today. Sign-Up Now! https://blockcerts.com/bcertin/