Future of Contracting: Smart Contracts
Contracts are the atomic unit of commerce, the foundation of all economic activity and business processes. Nonetheless, contracts are also one of the least protected assets of an organization, sometimes leading to revenue loss due to a lack of focus on contract management. The times are, however, changing, and more and more organizations are looking for ways to manage contracts efficiently and professionally. Contract management has evolved over the years from paper contracts in boxes to document management tools, and then to digitization and automation, and finally to smart contracting now. This paper discusses how contract management has evolved over time, the key trends that corporations are following in contract management, and what the future holds.