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Smart contract; digital contract

SUSCRIBO-Contratos Digitales and ZirconTech announce a strategic alliance to work on developing smart contract solutions in Latin America.

SUSCRIBO-Contratos Digitales is a company formed in 2019 by investors from different Latin American countries to provide contract digitization, electronic signature, and business flow automation services using blockchain-based smart contract technology.

In March 2020, SUSCRIBO undertook to search for a technology provider and partner focused on specializing in smart contracts to act as a representative and distributor of services in the Latin American region (LATAM). During this search process, SUSCRIBO chose ZirconTech as a partner to identify, evaluate, select and implement a Software as a Service (SaaS) service for smart contracts for legal and natural persons, both public and private.

ZirconTech is a company that offers information technology services, conformed mostly by a team of Latin American professionals with more than two decades of experience in systems development, support, and technology implementation; ZirconTech is a specialist in blockchain, internet of things, cloud computing, web and mobile applications, big data, and artificial intelligence.

Toño Rumbea and Martin Machin, representatives of SUSCRIBO and ZirconTech, agreed in expressing that “After the COVID-19 pandemic, it is likely that will survive only those institutions that manage to digitize and automate their processes and paper contract files as soon as possible, incorporating the management of contractual obligations with other business systems for digital signature, management, billing, collections, and analytics”.

From this strategic alliance, SUSCRIBO and ZirconTech carry out research, testing, and development actions. Currently, the specialists have successfully linked intelligent contractual flows with CRMs and customer ERPs while executing integration projects with transactional banking APIS, with credit bureau and price index databases, and finally activities with electronic signature and certificate systems according to jurisdictions. Both companies are also working on structuring a back-office technical support component for clients in Latin America.

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About ZirconTech: A trusted partner that helps organizations thrive in their digital transformations. Mobility, Internet of things, artificial intelligence, big data, cloud computing and blockchain technologies.

Benefits of notarization with blockchain

Notarization plays an integral role in any legal transaction and negotiations. Notarized documents are an indication that the parties involved are genuine and can be trusted. In other words, the notary public provides a security level that prevents us from becoming victims of fraud.

With the emergence of technology in the business landscape, blockchain entered the picture to automate notarizations. The blockchain serves as storage for notarized records and documents. In this way, any unauthorized user will not be able to edit nor delete portions of the document.

Notarization blockchain technology ensures the integrity of data as soon as it enters the chain. It provides functionalities, including tampering-resistance, non-repudiation, and traceability.

These tools automate notarization and streamline its typical process. Let’s discuss the benefits of the notarization service blockchain more thoroughly below.

What are the Benefits of Notarization with Blockchain?

Notarization service blockchains introduced a private, remote notary channel to address all your notary needs. This channel allows organizations to acquire notaries without having to step out of their homes or offices. Thus, companies like ZirconTech leverage notarization with blockchain to provide notary solutions to organizations across different industries. Notarization blockchain technology testifies to the documentation of proof of ownership to protect owners of their rights. Notarization via blockchain can also establish agreements across multiple parties. These documents can only be accessed and signed on the blockchain.

Notarization with blockchain has several benefits to organizations, but here are key points on how they helped businesses flourish:

Secured Storage of Notarized Documents

The primary goal of notarization is to certify the authenticity of any document. Notarization blockchain technology leverages various automated tools to carry out this goal seamlessly and quickly. On top of that, users can secure the storage of notarized documents on the blockchain. This organized and infinite storage process allows them to retrieve the agreement when needed and detect any changes made through the timestamps attached to every document.

Encrypted Documents Providing Users With Private Access

A majority of notary services require user information for creating an account and proof of ownership. This security measure happens on their system database for your notarization needs. The transaction ID and the user account information in the database often reside outside the blockchain. This measure gives security to the users considering that most authentication services happen on the blockchain system. They would only take a hash of the document to verify the proof of ownership of the user to notarize documents.

Moreover, the transaction ID integrates encryption to documents for easy retrieval. User account information helps perform cross-checks of the document’s ownership before its release.

Transfer Document Ownership Seamlessly

With notarization service blockchain, organizations can transfer ownership of documents seamlessly. The system would first verify the ownership of a specific form through the user account that acted. Blockchain technology locates the certificate authority system that confirms the blockchain’s bounded blocks’ data.

Users can quickly transfer document ownership by following these steps:

  • Like modifying any legal record, the system identifies the user through the previously recorded transactions used for verification.
  • The transaction identification verification will then create a signature for the user in the data field.
  • Notarization blockchain technology prompts the hash verification and signature storage on the duration of deploying the contract.

Offshoring Notarization Projects

For notarization needs in various parts of the world, some services by other providers can be limited. There are quite a few companies that perform offshoring notarization projects. Yet, ZirconTech has proven to be an expert in providing exceptional notarization service blockchain. This company’s blockchain professionals are pioneers in offshoring notarization projects for unavailable signers from all over the world.

Public blockchains allow data to be stored and retrieved for an unlimited time. This reliability offers trust and security to all involved parties. In case the need arises wherein you want to make some changes within the notarized document, you are required to create a transaction. These transactions combine into blocks. It gets before incorporating the modifications into the blockchain. Since the building blocks of a blockchain are interconnected, you can always monitor your data seamlessly. Every block receives a label with timestamps and block numbers arranged in chronological order for quick retrieval.

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About ZirconTech:
A trusted partner that helps organizations thrive in their digital transformations. Mobility, internet of things, artificial intelligence, big data, cloud computing and blockchain technologies.

Smart contracts with blockchain

Legal tech emerged throughout the years, along with smart contract technology. A majority of businesses began bringing their legal businesses to smart contract blockchains to expedite the processes. With the innovations surrounding offshore blockchain development, smart contracts appear to be on the rise.

As one of the leading blockchain legal contract companies, Clause introduced its smart contract blockchain platform. It is a dynamic tool that lets businesses convert legal agreements into automated documents. Clause aims to derive an advanced smart contracting technology using blockchain and natural language processing techniques. They introduced the platform to bridge legal compliance, security, and savings between businesses and their clients. From developing the clauses and provisions to leveraging the automatic payment, Clause brings smart contracting to a whole new level.

Smart Contracts

Smart contracts use automation to streamline provisions and clauses expressed in agreements via blockchain. With that in mind, smart contracts blockchain enforce the terms and conditions agreed upon by either party. They can proceed to memorialize these terms in smart contract code, stored in the blockchain database.

With smart contracts, businesses can also carry out dependable transactions without the help of third-party providers. In other words, smart contract technology makes it possible to eliminate the process of seeking intermediaries to manage business deals. It automates the execution of the predetermined terms and conditions of the smart contract. Therefore, the contract provisions involved controls what it’s programming.

The Role of Blockchain in Smart Contracts

Blockchain plays a fundamental role in sustaining a robust, decentralized network of smart contracts. Smart contracts blockchain verifies and enforces terms previously agreed upon across multiple parties.

Moreover, transactions get streamlined according to the provisions expressed in the agreement. Offshore blockchain development companies like Zircontech partnered with Clause to carry out these transactions in full transparency. In this way, they can carry out payments without a central entity, external enforcement, or legal system. Smart contract Ethereum provides maximum security when it comes to such transactions that are both irreversible and traceable.

Lastly, smart contracts blockchain innovated ample data storage that is both secure and retrievable. It provides businesses with peace of mind since all smart contracts get encrypted in a ledger. This storage allows users to retrieve them as needed and make modifications when necessary.

How Clause Works

A clause is a smart contracts blockchain platform that decentralizes connected contract networks to reduce risks against legal compliance. More importantly, the platform’s goal is to unlock the full potential of your digital paperwork.

Clause works by connecting the contracts into their platform. The contracts can be accessed and modified by other members of your company along with your clients. Either Word or PDF format is importable into the database to start the data verification. Clause configures real-time validations to expedite the legal proceedings. Users can also readily utilize its built-in tools and software to automate specific actions.

These tools allow creators to incorporate functionalities to various provisions in the contract. For instance, they use Clause tools to provide a space for signature and buyer’s payment information. Once the payment details get fulfilled, it can automatically trigger a payment using channels like Stripe. Depending on the clauses in the agreement, a smart Clause stipulates the payment. This process indicates that you can also trigger the payment at a later date if needed.

The Bottom Line

Smart contracts blockchain aims to simplify the tedious process of legal agreements. With the use of Clause, businesses can skip the intermediaries and go straight to smart contracts. A clause has also partnered with the leading firms and blockchain companies like ZirconTech to make innovations and keep up with smart contract technology. As one of the blockchain pioneers in Latin America, ZirconTech continuously finds ways to leverage offshore blockchain development on legal tech. They make it their mission to contribute to blockchain-based legal technology to establish their products and services.

This collaboration paved the way for Clause to improve its smart contract platform. They have their data stored on a blockchain to manage its provisions and transactions. This platform allows businesses and clients to quickly make an agreement and payment based on the agreed terms. Therefore, the business operations are almost always automatic considering that every transaction gets recorded in real-time to a blockchain. These are also shared among participants to verify at any time.

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About ZirconTech:
A trusted partner that helps organizations thrive in their digital transformations. Mobility, internet of things, artificial intelligence, big data, cloud computing and blockchain technologies.

Smart contracts with blockchain

Monax, the leading digital legal infrastructure company, established a smart contract blockchain platform to automate contractual obligations further. In partnership with the Agreements Network, they employ blockchain technology to streamline the legal proceedings and monitor the process in real-time. Along with legal firms and blockchain firms, including ZirconTech, Monax advanced to offshore blockchain development to sustain legal compliance. More importantly, the aim is to create compliance agreements and contracts from automated templates with only a few clicks.

The smart contracts blockchain framework can link precise off-chain computational knowledge with legal operations and products. With the use of scientific, financial, and environmental sources, it computes data streams to refine the procurement of legal obligations.

 Smart Contract Blockchain in Business

One of the leading companies in legal tech initiated offshore blockchain development and a network of law firms and blockchain startups. Monax developed the legal services platform called the Agreements Network in April 2018. The system leverages smart contracts blockchain to perform legal tasks.

These tasks range from managing agreements and leasing contracts to developing governance documents. With the Agreements Network, these legal obligations are made compatible with the public smart contract Ethereum.

The hefty costs of obtaining a lawyer to develop contracts have been a common predicament for many. More often than not, lawyers charge a large sum of money to establish a contract from a slightly tweaked template. Although there are some templates available online, they are often insufficient and ineffective. Thus, you often need expensive legal input to legitimize the contract.

For this reason, Monax leveraged the conjugation of blockchain and Artificial Intelligence to streamline such legal proceedings. Businesses are now able to keep up with the fast-paced industries with automated smart contracts blockchain. Tasks that previously took days to become completed reduce to just a few minutes. After all, businesses can accelerate by streamlining their business needs through automation.

Agreements Network is a decentralized platform for both businesses and lawyers. This network allows lawyers to market their services and offerings. They can promote their agreement templates across business sectors and get paid for it. In contrast, businesses seek contract templates in this platform to avoid litigation over contracts. Agreements Network provides third-party proof of the existence of such documentation to prevent any form of dispute. On top of that, they store contracts in a database so you can quickly retrieve them after many years.

How does the Agreement Network work?

The architecture of the Agreement Network eliminates operational costs leveraging the decentralized, interconnected systems. It optimizes legal obligations through smart contract Ethereum. Working within the Ethereum blockchain prevents them from backlog exposures or the risks to attacks in transactional processes. They utilize Archetypes to refer to the contract templates and generic agreements. These can support a variety of business operations, from establishing shareholder agreements to software development contracts.

You can access the ‘factories’ within the Archetypes to make some modifications in the templates. Users can personalize the contracts by adding names, specific amounts, and dates based on their clauses. You can make these changes that apply to your situation, but you cannot add or remove paragraphs in the contract.

After curating the contract, you have to keep it updated soon after it goes live. The developer should update the project’s progress and have their client confirm through the agreement. Upon completion, the process engine will automatically display the payment calculation to the client. In case the project is finished at an earlier or later date, the price adjusts accordingly. Smart contracts often configure these transactions through Ethereum. However, you can also produce invoices through other channels like Quickbooks and Xero.

ZirconTech in the Works with Monax

Since Monax introduced the Agreements Network in 2018, Zircon Tech has contributed to offshore blockchain development. The establishment of the robust distributed contract management system for small businesses leveraged smart contract technology to automate business processes. Along with Zircon Tech, they also developed Hyperledger Burrow to address leasing and contracting issues over the years.

Hyperledger Burrow is an open-source platform hosted by Linux Foundation to provide enterprise blockchain solutions. It aims to provide a modular blockchain client with a permission smart contract interpreter by the Ethereum Virtual Machine (EVM) standards.

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About ZirconTech:
A trusted partner that helps organizations thrive in their digital transformations. Mobility, internet of things, artificial intelligence, big data, cloud computing and blockchain technologies.