Smart contracts have been one of the hot topics online, might as well some opinions show that it would be risky, can be tampered and the like. Buntix (2017), have stated once that although Ethereum has become a big success and one of its core components is having smart contracts, still it is not secured. However, to further clear and decipher the above-stated statement, a strategist and an analyst at the same time stated that half of the issues regarding scams and shady dealings come in specific smart contracts that were poorly established.
But this time, Contract Vault took a big step to counter these issues. Defining a well-structured smart contract will not only fall on token deals yet rather, enable you to trade cash, property, offers, or anything of value in an evident, risk-free way while maintaining a strategic distance from the administrations of a middleman.
Getting started to Contract Vault, one must learn the meaning of the term "smart contracts". The best way to understand this term is by comparing a technology to a vending machine. Usually, to secure an agreement written in a paper - known as the contract, one must go to a lawyer or notary establishment to make the contract legalized and then, one must pay them and wait until they are finished. However, smart contracts are like vending machines in which one may simply drop a coin (bitcoin to be more specific) into the vending machine, which in the digital world works as the ledger, and then you have your driver's license, escrow, or any document in your account. Furthermore, smart contracts are not only expounding the regulations and punishments agreed upon the issue of an agreement but it will also automatically enforce such responsibilities.
In this, we conclude that in the past year, the world and its people have changed and innovated more to keep pace with more challenging problems facing us in the present and for the upcoming years. Example on the things that got innovated to face issues: telephones, in the past, people communicate by writing letters onto papers and sending them through the help of mailman but due to the delay of time and cannot give an immediate response, the telephone has been invented. Sooner, telephones got innovated and mobile phones were born. Texting has been the feature of mobile phones since people cannot text through telephones and it comes in a handy shape that almost all can bring anywhere. After mobile phones, developer invents android phones that we commonly use that features downloadable apps that can be vital for someone.
Now, in this period, we have smart contracts and we can make access to it anywhere and anytime we want. Smart contracts have become the easiest and fastest way for proposing an agreement between two or more parties and provide more controls for the above-mentioned participants yet some had poorly designed a smart contract in which scams and fraud acts may occur. This is why Contract Vault is way safer and secure, in fact, this is just one of the asset of Contract Vault. As per their whitepaper, Contract Vault is created to be the new world of trust.
Contract Vault is a platform fueled by Blockchain Blockchain where anybody can create, utilize, return, modify and reuse lawfully authentic contracts. Through Contract Vault, individuals without background information or programming experiences will have the capacity to be utilized and executed for anything.
Contract Vault was created to cross over any barrier which exists between a smart contract and legal contract. Purposely designed relying upon to empower tokenization and physical advantages that are planned to be exchanged on the blockchain. Therefore, the conceivable use and reception of smart contracts were extended. Moreover, the platform aims to make a dynamic ecosystem for all people, organizations, lawful experts and engineers in blockchain to approach a commercial center.
Furthermore, Contract Vault reminds that they are not implying to replace the law with the smart contract but rather they are trying to expand the law by using blockchain and smart contracts. Therefore, doors to make new opportunities such as verifying, witnessing, questioning, and arbitrating for agreements has been opened. Thus, the platform will create a world full of trust and fairness to all transactions. Also, it eases the process of creating contracts and makes it decentralize.
To expand the aforementioned statements, the benefits anyone can get with Contract Vault is as follows:
The stage is said to wind up rich and ready to be devoured by the law, the procedure starting things out from blockchain and cryptographic money. At that point, clients will appreciate the proposals from specialists from intervention and intercession.
A framework dialect can be accomplished through building relationship. It is likewise said to manage arrangements wherein organizations, money related establishments and such can grant their white mark contracts to their clients.
Lastly, the organization is prepared to utilize the API to make and enhance existing applications. There will be new deals channels to be produced to give access to new clients to publicizing and. Furthermore, they will likewise give their impetuses to their administrations.
We have provided the significant information, background, history, and uses of Contract Vault, but how do Contract Vault works?
- SmartTemplates - one of the most significant parts of the platform. These are a reusable report that contains a blend of lawful composition and Smart Contract code. These incorporate variables, conditionals, Smart Contract logic, Metadata, calculations, identity, signatures and Sub templates. It is said that anybody without legal knowledge will have the capacity to make distinctive sorts of an agreement utilizing these SmartTemplates.
- SmartEdit - since Contract Vault is decentralized, everyone enjoys the ease of making SmartTemplates and this is where SmartEdit comes for. It features an easy access to variables only available in the templating system. But this feature will not limit users who are more knowledgeable to use a markup language. In this process, it creates an environment that seems to be a processing application.
The aforementioned templates contain the following:
a. Legal Agreements
b. Dynamic Legal Agreements
c. Ricardian Contracts
Upon knowing the process and tools needed for these, marketplace will be the one to access contract templates. The marketplace will start to create a SmartTemplate. After this, the user will be given a choice to publicalize it in the marketplace for everyone or to make it private instance marketplace only available for clients. The SmartTemplate will be classified based on their features such as the price, language, jurisdiction, and notes. The one to set the price for the templates are the authors. Moreover, it is relied to give new other services that contains manual and automated technical auditing, arbitration, and legal reviews.
It is undoubtedly can make everyone sure that Contract Vault will be the new world full of trust.
References:
Website: https://www.contractvault.io/
Whitepaper: https://www.contractvault.io/token/#document-assets
Ann Thread: https://bitcointalk.org/index.php?topic=3463255.0
Twitter: https://twitter.com/Contract_Vault/
Facebook: https://www.facebook.com/contractvault.io/
Reddit: https://www.reddit.com/r/ContractVault/
Medium: https://medium.com/contract-vault