Case Study

Intro

Smart Contracts

They are self-executing orders that can be programmed under specific conditions. It uses a platform designed specifically for the purposes of creating smart contracts, which are contracts that are done automatically without the need for intermediaries or a third party between the parties to the contract, and they are contracts protected from manipulation and fraud and do not need banks or courts to complete the contract

The existence of a smart contract that uses blockchain technology can witness the stage of contract formation between the parties who often do not have a trust relationship and are not united by a single contract board of real benefit, as it can avoid and reduce the damages resulting from those transactions as well as their cost and completion date, and in this context we know Well, the risks surrounding the pre-contracting stage, i.e. during the negotiation of the parties, which some describe as the warm region for the negotiating parties, in addition to the many problems that the contract conclusion stage is witnessing, the most important of which is the multiplicity of contracting parties and the sequence of the stages of conclusion starting with the requirement to deliver the supporting documents and formally notify them In addition to the length of time it takes to match the will of the parties, and here the smart contract can provide effective solutions to complete the conclusion stage in the fastest time and at the lowest cost, as it can enhance the element of security during this stage, especially in light of the digitization that accompanies contractual documents and documents, and in particular in the field of real estate transactions. , where it is witnessing a program to digitize documents and procedures such as real estate files and applications for building permits

The development of smart contracts has relied on the characteristics of the blockchain technology, including decentralization and immunity from modification. From the amendment means that once the contract is published, one of the parties or the other will not be able to amend

The use of the smart contract in particular and the blockchain in general is an existing option through which the security element can be enhanced during the phase of concluding and implementing the contract, given the risks associated with contracting procedures due to the multiplicity of parties and the intertwining of documents and documents related to the contractual process, where one of those documents can be lost or sent to non-owners and exposed Because of the possibility of forgery, these factors can lead to slow and complex the contractual path, so automating some tasks using the blockchain can reduce the risk of document forgery and facilitate the task of proving the delivery and receipt of documents and documents at the correct date and time, as well as avoiding the dangers of sending goods and documents to the wrong destination.