Bargain may be part of business but not often a fair business to entrepreneur. When giving a close monitoring to why many small and medium businesses fail to meet target revenue, one can attribute part to price bargains. You know that customer mentality, if it can be bargained, I'll get it at my fairest price as possible. Truth be told, it often ends up biting the entrepreneurs. You know, as long as human emotions are involved in businesses, it's always difficult to be price strict in business.
I know there may be several other advantages attributed to the concept of smart contract like providing transparency in business and also eliminating unnecessary intermediaries. It is good to note, since smart contracts are executed automatically when predefined conditions are met, it helps to ensure that all parties involved adhere to the agreed-upon terms, reducing the risk of fraud manipulation or price dragging.
Let's put it this way, you have an asset like a land to sell; you know it can be anything. Probably, you've digitalized the asset for easy accessing. With all the rules and necessary regulations put in place, you put it out for sale at a price of $700,000 dollars with a smart contract embedded on the asset. What this means is this, if that land must be bought, it will only be at a fixed price of $700,000 or there is no selling.
The immutability of smart contracts can easily see to this. Market emotions, Fear of missing a selling opportunity, buyer convincement are all taken off the business contracts leaving the entrepreneur with a worthy price for his assets.
Adding to that, the concept of smart contracts eliminating intermediaries means you get to keep all the money involved in the selling without having to settle bodies after the selling has taken place. Can this not be seen as a fair and productive business pattern?
We are yet to take full advantage of the offer that this emerging technology has brought to our table. Smart contract being a self-executing contract with the terms of the agreement directly written into code is worth every smart entrepreneur's watch. The concept runs on a blockchain network and automatically executes actions when predefined conditions are met. You can see business fairness here because they are designed to enforce the terms of the agreement in a transparent, secure, and tamper-proof manner, without the need for intermediaries.
I just decided to use land here as an example, they can be used to automate a wide range of processes, including financial transactions, supply chain management, voting systems, and more, giving the needed pricing control and a tangible revenue for entrepreneurs to preserve business in difficult times. Technological unawareness is still keeping a lot of entrepreneurs rigid and this deters business efficiency in this modern era.
I know there is a current challenge of massive adoption to this system which may put out false flags to intending adopters yet I must say, there is a need for entrepreneurs who are ready to weather the storms of current difficult times and get the best out of every contract. Think of a digitalized asset platform where smart contracts are embedded to automate sales. Whatever asset changes hand has been fully paid, apart from fair pricing, it in the process eliminates debts in business.
Cost reduction and efficiency
When comparing smart contracts with traditional business processes, you can spot the elimination of several groups of middle men which would have taken a bite of the sales. Eliminating intermediaries by automating processes, smart contracts reduces transaction costs associated with traditional business operations such as contract enforcement, local agents, payment processing, and dispute resolutions and several assumed unfair business terms.
The ability to repeat tasks helps entrepreneurs through smart contracts application to streamline business processes efficiently, executing predefined actions when specific conditions are met in a repetitive manner. This technology saves time and resources for entrepreneurs, allowing them to focus on other aspects of their business. We all know how hectic it is to meet up with day to day chores of businesses, with a self executing program readily available, time and energy is spared to input into other business functions. The stress of having to answer unnecessary calls maybe from agents or clients about price bargains is no easy job, I don't know how you always feel when you are trying to get one thing fixed and a call that can drag your attention comes in, it's always a destractive moment.
Transparency and global market access
Asset digitalization has kept business doors open for external clients and investors to push into areas that were before impossible. This serves as a huge advantage for entrepreneurs as it creates a wider marketing audience. The process helps promote a fast sell of assets as these transactions are fast and self executing. And as long as the standard of execution is met, contracts change hands immediately.
Both parties draw confidence from the transparency of blockchain technology which makes smart contracts immutable.decentralization has proven itself as a solution to unfair business several times and yes it has been inevitable. Parties involved can verify the terms and conditions of the contract and track the execution of transactions. This transparency helps to build trust among stakeholders and reduce the likelihood of disputes and misunderstandings.
The security of smart contracts comes from it being tamper proof embedded on a blockchain, which reduces unforeseen risk of fraud and manipulation. Entrepreneurs and clients draw the needed peace of mind from this enhanced security, especially when dealing with huge transactions or valuable assets.
To conclude, let me add, smart contracts capabilities can empower entrepreneurs to operate more efficiently, securely, and transparently, and also in the process enabling them to seize new opportunities and drive business growth. Future business belongs to entrepreneurs who are ready to adopt the needed technology to thrive and drive out substantial revenue in businesses. I see smart contracts as a leverage against unfair marketing and pricing. As we await massive adoption early adopters are likely to reap more rewards ahead of unforseen times.