smart contract development vs traditional natural language contract

1. Smart Contract Development VS Traditional Natural Language Contract Presented by: Manveer Sandhu FIND US ON : WWW.LBMSOLUTIONS.IN

2. 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. FIND US ON : WWW.LBMSOLUTIONS.IN

3. 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. FIND US ON : WWW.LBMSOLUTIONS.IN

4. LBM Solutions is the top Smart Contract Development Company, offering the best Smart Contract Development to help businesses enhance their operations. FIND US ON : WWW.LBMSOLUTIONS.IN