Ability to instantly make payments to parties regardless of the physical distance
Innovation in the payment methods and systems have been enabled by the emergence of the internet however the technology underlying these payment systems is still outdated and inefficient. A distributed ledger will allow for better interoperability and its cryptographic features will allow for secure payments between the SME’s without a third party required and this will enable what we at Amani call, “the internet of value.”
SME’s that conduct business across a vast supply chain and across borders suffer from a lack of transparency in the supply chain as well as counterparty risk from members of the supply chain when conducting business. The financial infrastructure is also outdated and as such transactions can take 4-5 business days and if these transactions are at a sizeable volume this SME’s can suffer from forex market volatility and the bottom line will suffer if their local currency does depreciate.
Contract terms are automatically upheld and executed when certain needs from both parties are metREAD MORE
The smart contracts between a supplier and a buyer would consist not of a paper document but rather would take the form of a computer program that runs on the blockchain and is executed by the entire ethereum blockchain network. Its program code( the terms and conditions of the contract cannot be changed, and thus provides the trust that used to require elaborate control and audit processes). Not only can the ethereum blockchain contracts contain the same level of detail as a physical contract, they can do something no conventional contract can: Perform tasks such as negotiating prices and monitoring inventory levels. This, again, replaces expensive, manual effort with automated, dynamic tracking of supply chains, inventory levels and prices to reduce costs and maximize profits.
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