Mumbai, July 30: MSRvantage launches blockchain-enabled Smart Contracts to provide enhanced security to businesses and aid in tamper-proof transactions. Through Smart Contracts, MSRvantage can help businesses streamline their processes by automating the workflow and eliminating any data manipulation risk.
Smart Contacts are protocols or programs set into the blockchain that allow for self-executing predetermined actions when specified conditions are met. Once the action has been executed, it is updated on the blockchain and cannot be deleted, revised, or manipulated in any way. Smart contracts can ensure that agreements are executed on time and without the need for any human intervention, as well as provide assurance of execution through their immutable nature.
Many business agreements take a long time to execute since they go from one stakeholder to the next and undergo lengthy approval processes at each step. Traditional contracts, which are often carried out on paper, require the physical presence of all the parties involved. Furthermore, traditional contracts are not completely secure since they can be altered.
Smart Contracts allow for the automation of many of these time-intensive agreements and hence faster execution of the process while keeping all stakeholders in the loop in real-time. Through Smart Contracts, the confidentiality of all agreements is also maintained, and any privacy concerns can be avoided. For example, a business could automatically release payments to a vendor as soon as delivery has been made by simply creating a Smart Contract for the same, ensuring that there are no delays or backlogs.
“MSRvantage is dedicated to helping companies integrate blockchain into their everyday operations. Smart Contracts will help speed up operations and ensure that there are rigid systems in place that will never falter. This kind of assurance can be crucial in industries that require the highest safety standards and protocol to be maintained,” says Mr. Balaji Kandregula, Vice President, MSRvantage.
Through the use of Smart, Contracts, MSRvantage aims to improve the ease of doing business in India since Indian businesses are often subject to long waiting periods for obtaining permits and enforcing contracts.
About MSRvantage: MSRvantage is an IT Services subsidiary of the MSRcosmos Group, a U.S.-based multinational conglomerate. MSRcosmos Group is focused on diverse ventures ranging from IT services to real estate and education. Together, both companies believe that business success and serving humanity are symbiotic and strive to excel at both. MSRvantage gives organizations the insights to anticipate what customers want and act instantly to deliver on those demands. With MSRvantage, unleash the potential of blockchain and create a one-of-a-kind supply chain system for your industry.
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