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Blockchain technology – the technology that underpins Bitcoin and other cryptocurrencies – is the latest in a rush of industry-disruptive technologies like automation, cloud computing, and big data that are changing how we all do business. But could blockchain be the next traditional transaction model, displacing how your business handles procurement and other financial transactions or services?
Contract drafting, enforcement, administration and other core legal functions could all be transformed by the adoption of blockchain technology. The advent of the so-called “smart contract” – contracts written in programming language, rather than legal language – has the potential to lower the cost of doing business, reduce barriers to entry, and carve out a competitive advantage.
But concerns remain about relying on an embryonic computing system to handle such critical business processes as contracts – however elegantly simple it may seem.
Download this whitepaper to learn more about the opportunities and risks of blockchain technology, and why this important innovation can’t be overlooked.
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