Smart Contracts for India’s Leading Investment Brand — A Case Study

The world has seen many technological breakthroughs come and go, but nothing as all-encompassing and concrete as the Cloud technology. As a result of Cloud, we have seen many brackets and shades of utilities, such as databases, blockchains, and as is our case here — Smart Contracts.

Smart contracts are self-executing contracts, with the terms of the agreement between the buyer and the seller directly infused into lines of code. These agreements are thereafter accessible across a distributed Cloud network.

As an organisation, you may have come across certain pain points that must have led you here. It’s common for on-premise solutions to take hours, precisely 4 hours to generate 1 lakh documents, get them signed, and then pass them on to the end-user. This also causes undesirable, but unavoidable, resource blocking. And to top this off, this can end up creating a bottleneck where smooth operations are concerned if you are looking to expand your market and garner more active clients. Thus, it’s not always scalable to have on-premise generation and processing of these documents.

But this cloud too has a silver lining, and quite poetically, the answer here is Cloud. We at Applied Cloud Computing, have introduced our own Smart Contracts, a form of Smart Contracts designed specifically to cater to all your document generation and processing needs. With that said, let us now try and understand how it is that Smart Contracts actually work.

How Do Smart Contracts Work?

Of all the pain points that we mentioned above, imagine the entirety of them being catered to, done, and dusted, just in a matter of minutes! This is exactly what we propose when we offer you Smart Contracts.

Smart Contracts are driven by the basic principle of getting multiple tasks done simultaneously. And this is made possible due to the Cloud. As mandated by the Securities and Exchange Board of India (SEBI), smart contracts provide customers with a comprehensive, detailed summary of the trades carried out by them in a day. This process will be repeated each day, for each customer. In addition to this, customers are also provided with an overview of their profits and losses. Smart contracts are made available in an electronic format with a digital signature emblazoned.

All you need to do is upload your documents on Drive. The rest will be automatically taken care of — right from the generation of the contract, to sending out emails to each and every customer in the same breath — by smart contracts.

And all of this can be carried out without any human intervention!

Functionalities and Benefits

Now that we know how it works, let us quickly glaze over why Smart Contracts are a great choice even when considered from multiple facets.

Parallel Processing

Smart contracts engage in Parallel Processing. The task that might ideally take hours on end to accomplish, can now be done within minutes, with zero errors! The software has the potential to generate 1,00,000 PDFs and send them out as emails within a span of merely 10 minutes.

Digital Signature Security

We put to use Digital Signatures that are legally recognized, thus providing a high degree and guarantee of security. The usage of smart contracts in your operations is a highly secure and authenticated option thus, and ensures that all transactions are encrypted for record levels of safety and reliability.

Cloud-Based

Smart contracts are autonomous in nature. And this is made possible due to its foundation that is based on Cloud. They require no separate human intervention for functionalities to be carried out seamlessly! You can happily bid farewell, thus, to resource blocking as the most you will be required to do is click a button. The rest will be handled (and protected) by Cloud.

Pay as you Go

When you’re on board with us, you would just need to pay for what you actually use. With this hassle-free and pocket-friendly method of pricing, you need not worry about hefty bills at all, when you can simply, and quite literally, Pay as you Go!

Serverless Architecture

The whole system runs on the concept of a serverless architecture. There is absolutely no intervention required from any outside force. Thus, the whole process becomes a trustless system.

No Maintenance Required

No maintenance is required from your end when it comes to Cloud. All one has to do is get the right codes in place and the rest is handled on the backend. We have a team of dedicated engineers working full time in the background to filter out any mishaps that might occur, well in advance.

Use Cases

Now let us take a look and understand several use cases that can be attached to Smart Contracts.

Use Case #1: Digital signatures

Whatever be the nature of the agreement that is being drawn up, with Smart Contracts you can ensure that they reduce multiple risks, increase reliability, and gives your customers a better user experience as now they can engage in remote experiences with a deal that is much more secure and fast than its erstwhile counterparts.

Use Case #2: Insurance

With the principle of insurance — be it home, life, or the life-saving medical — imbibed into the policies of a Smart Contract, one can enable a shift into an environment where the customer feels more secure. As now, the executions will be more efficient, and there will be a sense of equal standing.

These are just a few of the use cases that can be attained with Smart Contracts. It’s a platform with the potential of reaping many, many more.

The full potential of smart contracts is yet to be implemented and internalized by many firms worldwide, but that shouldn’t deter one from starting early. They are becoming more and more essential by the day due to their automated, time and cost-saving nature, and their decentralized functioning. One can indeed look forward to them being an inevitable part of the future of technology on the planet.