How does blockchain help businesses?
Is a distributed ledger secure despite being openly placed in the network?
Yes, the transaction records are completely secure. The system converts data into an encrypted value before storing it on the network. The encryption algorithm is robust and requires keys to decipher it. Other than this, all the documents placed in the system must get approval before being stored. After the records get approved, they are linked to the previous transaction. Any changes made on one transaction record is replicated to the other blocks containing the same file. Thus, it is impossible to make unauthorized changes to the document, making the ledger secure.
Is digitization of contracts time-consuming?
How are digital contracts created?
Ethereum, an exclusive platform, is used to write digital contracts. The parties involved need to agree on the conditions of the contract. Then, these conditions get converted into code. This computer-generated code runs only when all the requirements are satisfied, thus eliminating any chances of error.
What are the benefits of getting the digitized contract?
What kind of contracts can be digitized?
How can I get my contracts digitized?
Ethereum is used to create digital contracts. There are other platforms; however, Ethereum was specially designed for building smart contracts. To create a smart contract, you need to buy the ETH(Ethereum money), which you can buy from Coinbase. There is a per-word cost, and you will be charged for your contract based on the word count. This process can appear intimidating for first-time users who haven’t understood the process well. At SAFEBOX, we bring everything in one place. You can buy the SAFEBOX subscription, and we will guide you throughout the entire process, and help create digital contracts.
Is ETH cost included in the subscription cost?
Are there any hidden charges?
What is the difference between view, basic, and premium plans?
Basic plan – This plan allows the user to upload and view the record in the secure blockchain system. Users are provided with 50 transactions per month under this plan. This plan is best suited for: supply chain, storing wills, and record keeping.
Premium plan – If you are a professional who makes lots of operations in the blockchain, then this plan is for you. Under this plan, users are allowed to make up to 100 transactions per month to the secure blockchain system. This plan is best suited for: notaries public, medical professionals, attorneys, and real estate.