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Smart Contracts: The Best Way to Make a Deal

People make agreements all the time. In general, these agreements tend to be either hopeful promises secured by a handshake and some goodwill, or they are the really intense kind of agreement that requires lawyers, contracts, and signatures.

One method is friendly and based on good intentions, while the other is intimidating and formalized. What’s more, because creating legal contracts requires a lawyer and all the accompanying cost, many people avoid this process if at all possible.

However, the emergence of blockchain technology and its accompanying platforms means that people don’t have to rely on handshake agreements or formalized contract negotiations any longer.

Agrello, a blockchain-based platform for creating legally binding smart contracts, makes it possible for anyone to create formalized contracts that are easy to build and maintain. Using just a mobile app and a graphical interface, smart contracts can be created and executed with just a few taps on the screen.

How It Works

The blockchain does a lot of things well, but its smart contracts are one of its most lauded and most compelling features. Governed by code, these contracts act as a digital, malleable escrow account that guarantees that the desired outcome will be achieved. With a smart contract, users can set predetermined stipulations that automatically execute when specific qualifications are met.

To make the process as simple as possible, the Agrello app is outfitted with several smart contract templates, and for those needing a more specialized production, there is a built-in wizard to help with the setup process. Because these template contracts are crowdsourced, the template library is always becoming more robust and diverse.

Once created, the smart contract is placed on the blockchain, and a subsequent, legally binding document is created and digitally signed. From there, an AI-powered agent counsels both parties through the smart contract by notifying users of their legal obligations and upcoming duties.

This process is simultaneously fully automatic and completely customizable.

The Implications of Smart Contracts

Smart contracts have implications for all sorts of activities. They can help someone power their participation in the sharing economy, they can create binding agreements between neighbors, or they can facilitate workplace promises.

A January report by NPR indicates that one in five jobs in America is completed as contract work that is either in addition to or as a replacement for a standard professional job. Those numbers actually increase as the worker’s age decreases. Nearly 50% of millennials are already completing regular freelancing work. For the broader sharing economy, experts expect it to balloon into a $335 billion industry by 2025, and that economy requires contractual guarantees.

In other words, a significant amount of the current and future state of work is contingent upon the ability to create and execute a contract. Agrello’s platform can power these agreements while also having use cases that far exceed just this one robust industry.

Demo Upcoming

Thousands of tech luminaries and blockchain experts are preparing to descend on New York City for the 4th annual Consensus conference at the New York Hilton Midtown. The conference, which takes place from May 14th – May 16th, has more than 250 prominent speakers and a record attendance is expected.

Agrello will be right in the middle of the action. On Monday, Agrello CEO Hando Rand is providing a presentation on the platform’s features. In addition, the Agrello team will be on site in New York City until May 19th, and anyone is welcome to sign up to meet with their representatives to learn more about the platform.

The Future of Contracts is Smart

The blockchain seems to be continually making headlines as more people discover its capabilities and disruptive potential. As new platforms develop on top of its technology, that potential is manifested in tangible ways.

When it comes to making agreements, Agrello is tapping into the blockchain’s best features to create a platform that anyone can use and that many people need. It’s the spirit of the handshake agreement with the legality of a formalized contract. It’s the epitome of “smart”.

Image: DepositPhotos

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