19th August 2022 Autor: admin
True Contracts is a comprehensive decentralized smart contract marketplace that allows two or more parties to communicate with one another and carry out their operations and projects on the blockchain in a manner that is guaranteed to be completely transparent and unchangeable. It is a team of developers and entrepreneurs who are imagining and creating incredible decentralized applications and blockchain solutions to make the world a better place block by block. True Contracts has created a decentralized smart contracts marketplace using blockchain technology.
Both blockchain technology and the construction & infrastructure economy is experiencing explosive growth right now. Blockchain technology has the potential to completely transform the construction and infrastructure structure that is worth billions of dollars, even though traditional approaches have been successful in keeping the productivity of both small and large infrastructure projects. True Contracts make it possible for two or more parties to realize the benefits offered by blockchain technology. The marketplace gives you the ability to handle every aspect of this complex process in the easiest manner possible, from the signature of contracts and the completion of transactions to the management of the entire workflow of construction and infrastructure projects.
True Contracts offers a variety of benefits to all parties involved in a transaction in several different ways through using blockchain technology. Some of these benefits include greater security, trust, and privacy; reduced transaction costs; and transaction integrity. It makes it possible for users to harness the potential of blockchain technology for their infrastructure projects, regardless of whether they are a construction company, an organization within the government, or a third party.
The traditional paper contracts are converted into a blockchain-based database that can be accessed by all parties involved in the transaction. This prevents any transaction data from being tampered with or lost in the process. All the data will be given a time stamp when it is submitted to the ledger, and it will be recorded on the blockchain, which is an immutable digital ledger that can be programmed to record virtually any transaction in real time and with full transparency.
At each stage of the process of procurement, all participants receive messages and alerts, and a shared ledger of all transactions is created. As a direct consequence of this, formal electronic contracts are drafted, then saved digitally as NFTs on the blockchain, where they would be only available to the parties of the contract. Every transaction that is recorded is both unchangeable and visible, in addition to being permanently encrypted and saved on the blockchain.
For Government Organizations, Contractors, Lenders, Sub Contractors, Vendors, Importers, Exporters, Banks, Institutional Investors, Factoring Companies, Invoice / Bill Discounting Companies, and all other stakeholders working together on projects that require building a trust factor among the participants, True Contracts developed a cutting-edge, user-friendly experience with the robust backend technology behind our smart contracts marketplace. By using our feature of milestone-based payments, government contracts can be easily executed on our smart contracts marketplace. In this way, the government can get proof of work and businesses can receive timely payments for their construction and infrastructure project.
Each party to the contract will be able to control contract actions on our smart contracts marketplace once a connection has been established between them through the hosting of a network node. This will give each party the confidence that they are working with the same version of the contract. This is possible since the back end of the marketplace, which functions as a single point of truth, is supported by blockchain technology.
By laying the framework for the next generation of effective business operations, blockchain technology has the potential to drastically revolutionize the way firms conduct their business. By using our blockchain technology-enabled smart contracts marketplace, businesses can eliminate the need for a trusted third party. With True Contracts, businesses and organizations can complete securities transactions in a matter of minutes, as opposed to days or even weeks. Through their supply chain, contractors and other stakeholders can monitor the flow of inventory and track where it came from.
Additionally, True Contracts can manage commercial contracts by digitizing them, making them shareable, and ensuring that they are tamper-proof. This is a use case that True Contracts developed and implemented intending to enable smarter agreements in the future of the construction and infrastructure economy