smart contract development vs traditional contracts (1)

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Presented by Manveer Sandhu
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Contracts specify the parties' obligations and
considerations. Contract law's legal concepts are
widely established, and their application is
prevalent in our daily lives. They are the
foundation of doing business. Contracts written
in natural language may be traced back to the
Middle Ages, and until the advent of smart
contract development, we had never considered
alternate formats.
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• Stage 0 is the traditional natural language
  contract.
• The transformation starts in Stage I by writing
  the straightforward rules-based functions in
  digital forms responding to specific inputs, like
  payment is processed when the goods are delivered
  and verified.
• Stage II extends the rules-based functions to
  more complex cases, like the automatic deduction
  of liquidated damages for late delivery of work
  when the level of damages is pre-estimated and
  agreed upon before the work starts.
• Stage III is more advanced with interactions
  between the natural language contracts and coded
  computer software.
• Stage IV is a replacement of a natural language
  contract with computer codes.

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LBM Solutions is the top Smart Contract
Development Company, offering the best Smart
Contract Development to help businesses enhance
their operations.
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