Smart contracts are helping ease operations in almost every industry. Early users of smart contracts have benefitted largely from the contracts and recommend them to people with multifunctional roles like Chief Marketing Officers (CMOs).
How do smart contracts work?
Smart contracts are similar to traditional contracts except that there is no trust level required between the involved parties as the contracts are completely code-driven. Both parties set the terms or conditions of a smart contract, and agree to exchange money or something of value in a legally enforceable form. The smart contracts are able to regulate themselves, and the terms of the deal are executed automatically.
Blockchain technology is what makes smart contracts possible.
Once the contracts are validated, the smart contract can carry out the agreement regularly if required, aiding money transfer and acting on triggers from completed or breached conditions. The smart contracts can be molded to charge penalty fees for late payments or even nullify the terms when breached.
Smart contracts are simple to customize, and even existing e-contracts can be turned into smart contracts.
How will smart contracts help CMOs?
Marketing is a potential treasure trove for smart contracts. CMOs manage several contracts daily with freelancers and vendors. Smart contracts will save the time and energy required to manage the various contracts help the CMOs focus their time on more important aspects of their job.
Since smart contracts are based on blockchain technology, the contracts with vendors and freelancers will be secure. Contracts are susceptible to breach of trade secrets, proprietary information and data on a need-to-know basis.
Contracts have to be protected and should never be accessible by unauthorized parties.
Hard contracts are always at risk and the need to hire lawyers to prepare contracts, and the time and effort involved in verification and validation eats away at efficiency.
Feelium is a tokenized platform which offers smart contracts and escrow services. Feelium smart contracts are predetermined by authorized lawyers and there will be several templates available on the platform. Users like CMOs can easily access these smart contracts by logging in to www.feelium.co
Most contracts and confidential information are stored electronically. Agreeably, these are safer than hard copies, but, hacks and data breaches are common enough that they should be feared. Blockchain technology encrypts the smart contracts and the data is stored within the blocks. Information that is stored in these blocks is much more difficult to hack, and any transaction that has been recorded on the blockchain network cannot be erased or altered. Each block of information is even time-stamped.
Blockchain technology is a distributed ledger. Only registered users can access the ledger. So, it is within the CMOs power to authorize the parties who will view the smart contract. A vendor or freelancer without access to the blockchain will never be able to view the information.
CEO Central Park Tours, Vitali Prymark says –
“By using smart contracts even if there is a hack or data breach, you know your contracts with vendors and freelancers will be secure and remain confidential.”
The Feelium platform is built on blockchain technology and users can access the smart contract information only through a private key which is received when a wallet is made. CMOs can also use Feelium escrow services to facilitate easy fund transfers.
The CMO can purchase Feelium tokens and place them in the Feelium escrow account. After preparing a smart contract from the templates in the platform, he/she can send the contract to the vendor or freelancer for validation. The smart contract sets the terms and time for funds transfer, i.e. when a particular task is achieved and the escrow service will make the payments accordingly.
There is no need to involve a third party; Feelium escrow services will manage all transactions for a minimal charge. To know more about Feelium smart contracts and escrow services, visit www.feelium.co.