What is a Smart Contract?
- Contracts that is converted to computer code
- Stored & replicated on the system and supervised by the network of computers that run the blockchain
- Allows exchange of money, property, shares, or anything of value in a transparent, conflict-free way while avoiding the services of a middleman
Benefits of Smart Contract:
1. Transparency
- Smart contracts are filled with terms and conditions in absolute detail
- Eliminates the chance of dispute and issues
- Resolves anything related to miscommunications
2. Time Efficient
- Eliminates intermediaries and unnecessary time wasted
- Time delay due to manual involvement is also eliminated
3. Precision
- Conditions that’s left out of the contract might result in an error while execution
- Lesser errors compared to human execution
4.Safety & Efficiency
- Smart contracts has automated coding that match the highest safety standards and efficiency
5. Data Storage
- transactions are stored on the blockchain in the form of future records
6. Savings
- paper-based documents are not involved
7. Trust
- Obliterate any probability of manipulation
- Eliminates manual errors as the contract executes itself
1. Document Authentication
Human Resource / Recruitment Agency and Corporate Secretariat :
- Able to verify and authenticate of applicants documents
- Tracking identity
- Trace education and past working experiences
- Prevent applicants from lying on their resume
- Issue Offer Letter etc
- Perform bookkeping and recording of transactions like debit credit
- Payroll : Proof of payment etc
2. E-Test / Survey
Human Resource / Recruitment Agency and Corporate Secretariat :
- Able to get applicant to complete a short questionnaire before the
interview process, access capability and rate candidate - Ensures that applicants have the knowledge that the job requires
- Shared system which is commonly accessed by all parties including
hiring company - Surveys to be assisting company to retrain and serve as knowledge center for new account / admin executive of the said client