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## **Why Smart Contracts Lead in the Insurance World?**&nbsp;

### **What Are Smart Contracts?**&nbsp;

Smart Contracts, also known as "Acuerdos Inteligentes" in Spanish, are code bits that are 100% created, stored, automated, and digitally signed. They follow simple if this then that logic, which makes some people equate them to the most traditional logic of the legal system processes. Thus, they can be used to complement a legal contract between people.

Unlike analog contracts, which rely solely on paper, Smart Contracts are encoded in computer language -use our app to try them with your pdf contract!-, and their terms are stored and transferred using blockchain technology. This data structure ensures the authenticity of the information because both parties were aware of the agreement throughout the process, making transactions between them secure and reliable thanks to the technology involved in this process. The automation of legal agreements enables the notification of acquired responsibilities to the involved parties, the execution of agreement terms, as well as the optimization of significant financial resources and time. Their implementation and benefits for commerce are virtually limitless due to their versatility and ease of application. One of the sectors that has harnessed these benefits in the region is the insurance sector, which has found an ally in Smart Contracts to streamline processes, reduce costs, and enhance the user experience.

### **Smart Contracts in the Insurance Sector**&nbsp;

Brokers and insurers around the world have started using these digital tools to provide better service and, in turn, reap benefits for their companies in various areas. This is possible because, in addition to contracts, legally valid agreements such as forms, consents, authorizations, and more can be created digitally. Many have even made legally valid documents accessible on their platforms so that users can simply fill in the templates with their data and initiate processes according to their needs with a single click.&nbsp;

Since Smart Contracts are a combination of conditions and actions, known as "if-then" logic, automation becomes much simpler. For example, if a customer requests the annual renewal of their contract, the platform automatically renews the document for another year.&nbsp;

These actions greatly contribute to improving the services provided by insurers and brokers. They have found significant benefits for their businesses and clients, which are detailed below.&nbsp;

### **Benefits of Smart Contracts for Insurers and Brokers Speed in Claims Management**

* One of the major complaints of insurance users is the speed of response from companies. To process a claim with an analog contract, users must go through several tedious steps, such as physically delivering their claim, evidence, and other documents to the insurance company, often during inconvenient hours due to work schedules. Insurance companies must manually review each file, process it, and execute it, a process that can take weeks or even months.&nbsp;

Smart Contracts automate this entire process. Users can submit the necessary documentation 24/7. Insurance companies can verify the documentation and calculate refunds or discounts in real-time.&nbsp;

* Optimization of Financial Resources: Imagine all the processes and investments required to acquire a new customer, only to lose them due to inefficient administrative responses. Smart Contracts can read all information related to an individual and automatically calculate premiums. They can also conduct risk assessments based on physical health, driving behavior, vehicle data, and more, significantly reducing response times.&nbsp;

This allows for greater efficiency in both service and resource utilization. By providing their employees with automation tools, insurers and brokers have increased their responsiveness in contracting new clients and in the execution of coverages, claims, and other processes.&nbsp;

Smart Contracts have become an ally in managing a larger volume of clients without the need to increase staff, financial resources, office space, or supplies.&nbsp;

* Improved Customer Experience and Loyalty: Technology contributes to the user experience in various ways, from robots that can respond to customer requests to predictive analysis of their behavior that can make recommendations. Products and services can be more tailored to customer profiles, as their information allows for the offering of better services. To illustrate this in the context of health insurance, consider a pregnant woman who undergoes medical check-ups. The platform can determine her expected delivery date based on these check-ups, enabling the offering of different options for where to give birth and new medical packages for her and her newborn.&nbsp;

Smart Contracts shorten response times, resulting in trust, customer loyalty, and automatic contract renewals. Customers can easily renew their contracts in a few steps, creating a win-win situation.&nbsp;

### **Benefits of Smart Contracts for Insurance Users Security**

1. Thanks to blockchain technology, the information in digital contracts and agreements is protected against alterations or data loss. Blockchain is a technology that protects both the contracting parties and service providers through various encryption algorithms, ensuring distribution, transparency, and fraud prevention.&nbsp;
2. Privacy: Through blockchain, clients can rest assured that their data is protected and will only be used by the parties involved unless they have consented to its disclosure. This is due to the blockchain's data structure, where only those involved can access the data contained in the smart agreement.&nbsp;
3. Traceability: Blockchain ensures that any adjustments to conditions are made with the full knowledge and consent of the parties involved, a level of transparency that was impossible to achieve with analog contracts. Changes can be made using a private key known only to the user, and it is possible to track who made the changes and grant or deny permission for them.

<h2>Why Smart Contracts Lead in the Insurance World? </h2>
<h3>What Are Smart Contracts? </h3>
Smart Contracts, also known as &quot;Acuerdos Inteligentes&quot; in Spanish, are code bits that are 100% created, stored, automated, and digitally signed. They follow simple if this then that logic, which makes some people equate them to the most traditional logic of the legal system processes. Thus, they can be used to complement a legal contract between people.
Unlike analog contracts, which rely solely on paper, Smart Contracts are encoded in computer language -use our app to try them with your pdf contract!-, and their terms are stored and transferred using blockchain technology. This data structure ensures the authenticity of the information because both parties were aware of the agreement throughout the process, making transactions between them secure and reliable thanks to the technology involved in this process. The automation of legal agreements enables the notification of acquired responsibilities to the involved parties, the execution of agreement terms, as well as the optimization of significant financial resources and time. Their implementation and benefits for commerce are virtually limitless due to their versatility and ease of application. One of the sectors that has harnessed these benefits in the region is the insurance sector, which has found an ally in Smart Contracts to streamline processes, reduce costs, and enhance the user experience.
<h3>Smart Contracts in the Insurance Sector </h3>
Brokers and insurers around the world have started using these digital tools to provide better service and, in turn, reap benefits for their companies in various areas. This is possible because, in addition to contracts, legally valid agreements such as forms, consents, authorizations, and more can be created digitally. Many have even made legally valid documents accessible on their platforms so that users can simply fill in the templates with their data and initiate processes according to their needs with a single click. 
Since Smart Contracts are a combination of conditions and actions, known as &quot;if-then&quot; logic, automation becomes much simpler. For example, if a customer requests the annual renewal of their contract, the platform automatically renews the document for another year. 
These actions greatly contribute to improving the services provided by insurers and brokers. They have found significant benefits for their businesses and clients, which are detailed below. 
<h3>Benefits of Smart Contracts for Insurers and Brokers Speed in Claims Management</h3>
<ul>
<li>One of the major complaints of insurance users is the speed of response from companies. To process a claim with an analog contract, users must go through several tedious steps, such as physically delivering their claim, evidence, and other documents to the insurance company, often during inconvenient hours due to work schedules. Insurance companies must manually review each file, process it, and execute it, a process that can take weeks or even months. </li>
</ul>
Smart Contracts automate this entire process. Users can submit the necessary documentation 24/7. Insurance companies can verify the documentation and calculate refunds or discounts in real-time. 
<ul>
<li>Optimization of Financial Resources: Imagine all the processes and investments required to acquire a new customer, only to lose them due to inefficient administrative responses. Smart Contracts can read all information related to an individual and automatically calculate premiums. They can also conduct risk assessments based on physical health, driving behavior, vehicle data, and more, significantly reducing response times. </li>
</ul>
This allows for greater efficiency in both service and resource utilization. By providing their employees with automation tools, insurers and brokers have increased their responsiveness in contracting new clients and in the execution of coverages, claims, and other processes. 
Smart Contracts have become an ally in managing a larger volume of clients without the need to increase staff, financial resources, office space, or supplies. 
<ul>
<li>Improved Customer Experience and Loyalty: Technology contributes to the user experience in various ways, from robots that can respond to customer requests to predictive analysis of their behavior that can make recommendations. Products and services can be more tailored to customer profiles, as their information allows for the offering of better services. To illustrate this in the context of health insurance, consider a pregnant woman who undergoes medical check-ups. The platform can determine her expected delivery date based on these check-ups, enabling the offering of different options for where to give birth and new medical packages for her and her newborn. </li>
</ul>
Smart Contracts shorten response times, resulting in trust, customer loyalty, and automatic contract renewals. Customers can easily renew their contracts in a few steps, creating a win-win situation. 
<h3>Benefits of Smart Contracts for Insurance Users Security</h3>
<ol>
<li>Thanks to blockchain technology, the information in digital contracts and agreements is protected against alterations or data loss. Blockchain is a technology that protects both the contracting parties and service providers through various encryption algorithms, ensuring distribution, transparency, and fraud prevention. </li>
<li>Privacy: Through blockchain, clients can rest assured that their data is protected and will only be used by the parties involved unless they have consented to its disclosure. This is due to the blockchain's data structure, where only those involved can access the data contained in the smart agreement. </li>
<li>Traceability: Blockchain ensures that any adjustments to conditions are made with the full knowledge and consent of the parties involved, a level of transparency that was impossible to achieve with analog contracts. Changes can be made using a private key known only to the user, and it is possible to track who made the changes and grant or deny permission for them.</li>
</ol>

Why Smart Contracts Lead in the Insurance World? 

## **Blockchain and NFTs: How to Apply Them in Business?**

It is increasingly common to hear the term NFT, but what does it mean? Non-Fungible Token or NFT, as it is better known by its initials in English, stands for a non-fungible digital certificate of ownership stored and managed using Blockchain technology. NFTs are characterized by being unique, indivisible, transferable, and capable of proving their authenticity and, consequently, their scarcity.

The logic behind NFTs is similar to that of a credit card; it doesn't represent tangible money, but it represents it, allowing access to goods and services. Similarly, an NFT operates as a unique and distinguishable container of digital assets, whatever they might be: art, loyalty points, a real world asset, a contract, you name. NFTs are different from crypto currencies in that the latter are fungible, which means one token or representation can be exchanged for another of the same value. NFTs are containers of value that’s different from other NFTs.

### **How are NFTs Linked to Blockchain?**

While digital assets like artworks are well-known, NFTs can be applied to songs, short films, memberships, vehicles, and more, thanks to blockchain technology.&nbsp;

Previously, when an artist sold their work, they couldn't profit from it again unless it was resold to a third party. NFTs con either eliminate or automatize the gallery's involvement, and the agreement between the artist and the buyer is made through a smart contract. In this contract, the artist or the gallery can, for example, specify a percentage they will receive when that work is resold to someone else.

This applies to whatever transaction one can imagine, which worries gatekeepers and regulators. Not only titles and or securities can benefit from such efficient, generic and secure container for assets but commissions and other rules can programmed into the token something unthinkable of just a couple years ago when dealing with whatever legal system

### **Advantages of Combining NFTs and Blockchain for Businesses**

The reliability of owning a digital asset or service through an NFT is based on the transparency and security provided by blockchain technology. This is one of the major advantages for individuals or companies embracing NFTs.

Another advantage is the ability to purchase these digital assets using cryptocurrencies from anywhere in the world. This also eliminates the need for intermediaries or facilitates their involvement by lessening friction; transactions can occur directly between two parties.

It's essential to consider all the benefits provided by blockchain technology, such as being able to track the entire "history" of a purchase, including the initial price, the number of times it has been sold, and at what prices, among other details.

### **Applications of NFTs and Blockchain in Businesses**

According to McKinsey, a global strategic management consulting firm, approximately $120 billion was invested in Metaverse and NFT-related companies in the first six months of 2022.

Companies can devise new strategies for selling their goods or services through NFTs, creating additional revenue streams. For instance, a gym could sell memberships with exclusive benefits. Instead of receiving a printed contract, buyers would receive an NFT—a digital image of a weight, anchored to a smart contract that describes the services the buyer gains access to.&nbsp;

Other service tiers could be represented by different images, such as a bicycle or a ball.

Likewise, a sports team could sell annual memberships through NFTs, ensuring that fans who support their team through this purchase are guaranteed a place in the stadium with exclusive benefits, rewarding their loyalty.

### **Success Use cases**&nbsp;

#### **Alfa Romeo**

In the future, the car brand intends to deliver all official documents for their new vehicles in NFT format. This is possible through blockchain technology, which allows all relevant data about the car, such as the sales process, visits to mechanics, official checkups, institutional feedback, tax payments, and more, to be stored and accessible.

#### **Cinema**

Renowned film director Quentin Tarantino joined the NFT world with his iconic movie, Pulp Fiction. It is rumoured to include images of his handwritten script, digital scenes, and recordings of Tarantino's commentary on the film. According to businessinsider.es, Tarantino may have earned 1 billion euros from this venture, although he faces legal challenges from the film production company Miramax, which accuses him of breaching his contract.

#### **Entertainment**

YellowHeart operates in the music industry and began using NFTs to reduce ticket scalping. Concert tickets function as digital contracts, with YellowHeart setting a fixed price and a maximum resale price. According to Katz, CEO of YellowHeart, "By creating NFTs and putting them on the blockchain, we have eliminated counterfeiting, fraud, and, most importantly, intermediaries." This was reported on businessinsider.es.

Blockchain technology is no longer a concept of the future; it is here, and it is used to secure transactions. It can be applied across various fields, and the benefits it brings are substantial. Having trust in a smart contract, its execution, and its validity is vital for your company's development. That's why you should turn to Suscribo; we have what you need to make your contracts truly intelligent.

<h2>Blockchain and NFTs: How to Apply Them in Business?</h2>
It is increasingly common to hear the term NFT, but what does it mean? Non-Fungible Token or NFT, as it is better known by its initials in English, stands for a non-fungible digital certificate of ownership stored and managed using Blockchain technology. NFTs are characterized by being unique, indivisible, transferable, and capable of proving their authenticity and, consequently, their scarcity.
The logic behind NFTs is similar to that of a credit card; it doesn't represent tangible money, but it represents it, allowing access to goods and services. Similarly, an NFT operates as a unique and distinguishable container of digital assets, whatever they might be: art, loyalty points, a real world asset, a contract, you name. NFTs are different from crypto currencies in that the latter are fungible, which means one token or representation can be exchanged for another of the same value. NFTs are containers of value that’s different from other NFTs.
<h3>How are NFTs Linked to Blockchain?</h3>
While digital assets like artworks are well-known, NFTs can be applied to songs, short films, memberships, vehicles, and more, thanks to blockchain technology. 
Previously, when an artist sold their work, they couldn't profit from it again unless it was resold to a third party. NFTs con either eliminate or automatize the gallery's involvement, and the agreement between the artist and the buyer is made through a smart contract. In this contract, the artist or the gallery can, for example, specify a percentage they will receive when that work is resold to someone else.
This applies to whatever transaction one can imagine, which worries gatekeepers and regulators. Not only titles and or securities can benefit from such efficient, generic and secure container for assets but commissions and other rules can programmed into the token something unthinkable of just a couple years ago when dealing with whatever legal system
<h3>Advantages of Combining NFTs and Blockchain for Businesses</h3>
The reliability of owning a digital asset or service through an NFT is based on the transparency and security provided by blockchain technology. This is one of the major advantages for individuals or companies embracing NFTs.
Another advantage is the ability to purchase these digital assets using cryptocurrencies from anywhere in the world. This also eliminates the need for intermediaries or facilitates their involvement by lessening friction; transactions can occur directly between two parties.
It's essential to consider all the benefits provided by blockchain technology, such as being able to track the entire &quot;history&quot; of a purchase, including the initial price, the number of times it has been sold, and at what prices, among other details.
<h3>Applications of NFTs and Blockchain in Businesses</h3>
According to McKinsey, a global strategic management consulting firm, approximately $120 billion was invested in Metaverse and NFT-related companies in the first six months of 2022.
Companies can devise new strategies for selling their goods or services through NFTs, creating additional revenue streams. For instance, a gym could sell memberships with exclusive benefits. Instead of receiving a printed contract, buyers would receive an NFT—a digital image of a weight, anchored to a smart contract that describes the services the buyer gains access to. 
Other service tiers could be represented by different images, such as a bicycle or a ball.
Likewise, a sports team could sell annual memberships through NFTs, ensuring that fans who support their team through this purchase are guaranteed a place in the stadium with exclusive benefits, rewarding their loyalty.
<h3>Success Use cases </h3>
<h4>Alfa Romeo</h4>
In the future, the car brand intends to deliver all official documents for their new vehicles in NFT format. This is possible through blockchain technology, which allows all relevant data about the car, such as the sales process, visits to mechanics, official checkups, institutional feedback, tax payments, and more, to be stored and accessible.
<h4>Cinema</h4>
Renowned film director Quentin Tarantino joined the NFT world with his iconic movie, Pulp Fiction. It is rumoured to include images of his handwritten script, digital scenes, and recordings of Tarantino's commentary on the film. According to businessinsider.es, Tarantino may have earned 1 billion euros from this venture, although he faces legal challenges from the film production company Miramax, which accuses him of breaching his contract.
<h4>Entertainment</h4>
YellowHeart operates in the music industry and began using NFTs to reduce ticket scalping. Concert tickets function as digital contracts, with YellowHeart setting a fixed price and a maximum resale price. According to Katz, CEO of YellowHeart, &quot;By creating NFTs and putting them on the blockchain, we have eliminated counterfeiting, fraud, and, most importantly, intermediaries.&quot; This was reported on businessinsider.es.
Blockchain technology is no longer a concept of the future; it is here, and it is used to secure transactions. It can be applied across various fields, and the benefits it brings are substantial. Having trust in a smart contract, its execution, and its validity is vital for your company's development. That's why you should turn to Suscribo; we have what you need to make your contracts truly intelligent.

How to Apply Them in Business?

Blockchain and NFTs

## **What is blockchain and how does it work?**&nbsp;

**What is a blockchain?**&nbsp;

A Blockchain is a decentralized, digital ledger that is shared by so many following such rules that it’s virtually immutable. It enables secure and efficient recording of transactions and tracking of assets within a business network.



The security of Blockchain is ensured by its unique structure, which creates a chain of blocks. Whenever a user performs an action, it generates a block of information that is linked to the previous one and carries relevant data to the next. Each chain is designed specifically for its intended purpose, with Bitcoin being one the most popular examples, although there’s many more, both public and private, with specific applications that go well beyond crypto currency -which derive from just one functionality of blockchains.

**Are** **blockchains secure?**&nbsp;

When programmed professionally, blockchains are secure thanks to three elements which we can see represented in each block:&nbsp;

1. **Information**: It carries details of the sender, receiver, date, amount, etc.
2. **Hash**: This is the unique identification number of the block. Each block has its own, and any modification results in a change in the hash.&nbsp;
3. **Hash of the previous block**: This allows the block to connect to its predecessor and, in turn, to the next one, creating a puzzle-like process with unique pieces (blocks) that ultimately complete a chain and keep it bonded together to generate certainty about ledgered data.

**Blockchain: Ideal for Businesses Large and Small - Time and Resource Optimization**&nbsp;

This innovative technology is highly advantageous for businesses of all sizes as it eliminates intermediaries and reduces transaction times by enabling programming of actions or events which are then executed by the network. It has various practical applications, such as contract signing, which becomes securely registered in the same way as voting or medical records. In banking, initial features might include records management, but blockchain features are allowing banks to ramp up from fiat to convertible token representations and move money 24/7 between jurisdictions to then ramp down to fiat again.&nbsp; According to Accenture, blockchain technology can decrease infrastructure costs for the top 10 investment banks by 30%, resulting in annual savings between $8 and $12 billion. Additionally, blockchain allows for the development of smart contracts, which are programs stored on the blockchain that execute automatically when specific conditions are met. Smart contracts are often used to automate protocols so that all participants can instantly determine the outcome, resulting in more efficient response times and reduced external intervention.&nbsp;

In summary, blockchain is a secure and versatile technology that offers significant business advantages, such as cost reduction and process automation through smart contracts. Its adoption is becoming increasingly straightforward with the availability of online tools and services, making it a compelling choice for businesses today.&nbsp;

<h2>What is blockchain and how does it work? </h2>
What is a blockchain? 
A Blockchain is a decentralized, digital ledger that is shared by so many following such rules that it’s virtually immutable. It enables secure and efficient recording of transactions and tracking of assets within a business network.
The security of Blockchain is ensured by its unique structure, which creates a chain of blocks. Whenever a user performs an action, it generates a block of information that is linked to the previous one and carries relevant data to the next. Each chain is designed specifically for its intended purpose, with Bitcoin being one the most popular examples, although there’s many more, both public and private, with specific applications that go well beyond crypto currency -which derive from just one functionality of blockchains.
Are blockchains secure? 
When programmed professionally, blockchains are secure thanks to three elements which we can see represented in each block: 
<ol>
<li>Information: It carries details of the sender, receiver, date, amount, etc.</li>
<li>Hash: This is the unique identification number of the block. Each block has its own, and any modification results in a change in the hash. </li>
<li>Hash of the previous block: This allows the block to connect to its predecessor and, in turn, to the next one, creating a puzzle-like process with unique pieces (blocks) that ultimately complete a chain and keep it bonded together to generate certainty about ledgered data.</li>
</ol>
Blockchain: Ideal for Businesses Large and Small - Time and Resource Optimization 
This innovative technology is highly advantageous for businesses of all sizes as it eliminates intermediaries and reduces transaction times by enabling programming of actions or events which are then executed by the network. It has various practical applications, such as contract signing, which becomes securely registered in the same way as voting or medical records. In banking, initial features might include records management, but blockchain features are allowing banks to ramp up from fiat to convertible token representations and move money 24/7 between jurisdictions to then ramp down to fiat again.  According to Accenture, blockchain technology can decrease infrastructure costs for the top 10 investment banks by 30%, resulting in annual savings between $8 and $12 billion. Additionally, blockchain allows for the development of smart contracts, which are programs stored on the blockchain that execute automatically when specific conditions are met. Smart contracts are often used to automate protocols so that all participants can instantly determine the outcome, resulting in more efficient response times and reduced external intervention. 
In summary, blockchain is a secure and versatile technology that offers significant business advantages, such as cost reduction and process automation through smart contracts. Its adoption is becoming increasingly straightforward with the availability of online tools and services, making it a compelling choice for businesses today.

And how does it work?

What is blockchain?

## **Managing contracts is mission critical for your economy: you know why?**

Let's remember that contracts, often still in paper form, are the critical assets from which rights and obligations, forming the basis of business, derive.

Competing with Tesla by selling horse-drawn carriages is nothing more than a caricature of those resisting digital transformation. Individuals and businesses, in general, forfeit numerous business advantages by delaying their digitization efforts.

Managing contracts and agreements is the transformation niche where quantitative leaps tend to be most significant. It's the most lagging area in the digital transformation of economies.&nbsp;

If we think about it for a moment, even in the largest and most innovative companies, contracts are still primarily signed on paper and reside inert and dusty in warehouses, structured and indexed with essentially 19th-century technology: the era when horse-drawn carriages were admired as a symbol of technology.

There are only a few exceptions in business leadership that recognized the mission-critical nature of the contracts upon which their operations are based. They have been pioneers in integrating contract obligation management with their business operations and the systems they rely on: CRM, ERP, collections, etc.

Let's remember that contracts, often still in paper form, are the critical assets from which rights and obligations, forming the basis of business, derive. They provide the matrix of certainty for relationships between individuals, without which our economies could not advance. The more formal a sector is and the more integrated the companies within it are with the surrounding economy, the larger their contractual assets become.

In line with Nobel Laureate in Economics Oliver Hart's assertion that contracts are the connecting tissue of the economy, Harald Stieber of the European Commission suggested creating macroeconomic indicators based on the number of active contracts. This is something that, while it might have been projected with electronic invoices, which many people feared a few years ago, is clearly only achievable in a digital world.

This is precisely why, during the darkest weeks of the pandemic and even today as we discuss levels of social distancing, economic dynamism is still at play. If economic recovery and growth are linked to increased economic transactions, and this is measured by the number of active contracts, then contract digitization takes on mission-critical status.

The good news is that financial institutions have always known what a critical infrastructure is. That's why many of them had already digitized customer onboarding, daily transactions, policy issuance, and more. But there are still lags, and precisely the contractual processes of other segments of the financial cluster are not yet fully digitalized. The largest businesses within the cluster, which include productive loans, collateral, mortgages, or simple notarization, remain in the Napoleonic era. In the case of households, their contribution to the economy is still limited to income from work and not from transactions involving their movable and immovable assets, which are stuck in analog processes that prevent them from being pillars of economic growth.

What would the financial cluster and the economy be like with households fully capable of buying, selling, mortgaging, collateralizing, or leveraging at very low cost and without the frictions and delays currently required for such transactions to be perfected? Imagine how our economy would be if household assets, along with business assets, increased their transactional activity.

Today, we know that institutions that had invested in digitization were able to orderly confront the COVID-19 crisis. However, they had to overcome numerous challenges, from identity verification to secure authentication, electronic signature for transfers or policies, and providing a seamless user experience. Their efforts were rewarded with unprecedented success; in some jurisdictions, certain banks doubled or even tripled the number of people with banking access. Achieving such a feat would have been impossible with horse-drawn carriages.

With their sectoral leadership, from which many other sectors should learn, the financial cluster is now organized to capitalize on these conditions, shifting from debates about "if" and "when" to "how" to leverage them.

JP Morgan, Blackstone, Fidelity, they are all looking at web3 and asset tokenization as a way to accelerate the business cycle, increase security, and provide better services to their younger users.

Moving Away from the Carriage

Before COVID, cultural inertia and the status quo still justified some assets being transacted in paper or transaction settlement times taking several days.

With the advent of web3 platforms for digital commerce, that is no longer an acceptable state of affairs. An encrypted electronic signature, provided through a digital identity represented in a cryptographic wallet, allows the electronic signature of a transaction to equate to its legal and financial execution: money movement and secure title registration occur simultaneously on a blockchain. This is a level of equivalence between signatures and transactions that was unthinkable in previous stages of the internet, not to mention the paper era.

Getting on a Tesla

Respected thinkers in this field argue that in the near future, contracts will be automatically integrated with the various accounts affecting the balance, producing immediate and verifiable actions on a secure and private ledger. There have never been as many cryptographers working on this as there have been since 2020.

Gradually, contracts are being generated more directly from a CRM at the point of sale, signed in seconds without the parties having physical contact. Once in effect, they trigger and report actions on a wide range of matters: customer service and satisfaction, team performance, dispatches and receipts, electronic invoicing, accounting, and payments, to name just a few examples. Gone are the days when the International Association for Contract and Commercial Management (IACCM) reported that, on average, 9% of business profitability was lost due to inefficiencies in managing contractual obligations resulting from this historical disconnect. It is as astonishing as it is to imagine what a company can do with 100% of its contracts connected to its other systems.

This is not a matter of changing horseshoes on horses' hooves; it's not a matter of installing GPS on the carriages that drive our country and region's economy.

Emerging economies, in particular, have tremendous potential due to the demographic dividend they are experiencing; it is this youth that has the greatest potential to leverage these technologies, even demanding it. Countless industries that are still in their infancy in these regions will grow thanks to the growing digitization still possible on digital platforms. These are unprecedented growth rates, as modern industries are not like the primary or secondary sectors of our economies, which took centuries to granulate their reach. Modern industries grow thanks to digital platforms that have already achieved national, regional, or global reach in just a few years.

Now, combining the global crisis we are trying to overcome with the growth possibilities of our economies is obviously a monumental challenge. Of all the issues at stake, these lines are only enough to emphasize that the recovery and growth we long for in the coming years will be different for those still operating on 19th-century technology and those who are already using technology from our era. The technology that is now defined as Internet 3.0 is undoubtedly the catapult for our arrival in the Fourth Industrial Revolution.

<h2>Managing contracts is mission critical for your economy: you know why?</h2>
Let's remember that contracts, often still in paper form, are the critical assets from which rights and obligations, forming the basis of business, derive.
Competing with Tesla by selling horse-drawn carriages is nothing more than a caricature of those resisting digital transformation. Individuals and businesses, in general, forfeit numerous business advantages by delaying their digitization efforts.
Managing contracts and agreements is the transformation niche where quantitative leaps tend to be most significant. It's the most lagging area in the digital transformation of economies. 
If we think about it for a moment, even in the largest and most innovative companies, contracts are still primarily signed on paper and reside inert and dusty in warehouses, structured and indexed with essentially 19th-century technology: the era when horse-drawn carriages were admired as a symbol of technology.
There are only a few exceptions in business leadership that recognized the mission-critical nature of the contracts upon which their operations are based. They have been pioneers in integrating contract obligation management with their business operations and the systems they rely on: CRM, ERP, collections, etc.
Let's remember that contracts, often still in paper form, are the critical assets from which rights and obligations, forming the basis of business, derive. They provide the matrix of certainty for relationships between individuals, without which our economies could not advance. The more formal a sector is and the more integrated the companies within it are with the surrounding economy, the larger their contractual assets become.
In line with Nobel Laureate in Economics Oliver Hart's assertion that contracts are the connecting tissue of the economy, Harald Stieber of the European Commission suggested creating macroeconomic indicators based on the number of active contracts. This is something that, while it might have been projected with electronic invoices, which many people feared a few years ago, is clearly only achievable in a digital world.
This is precisely why, during the darkest weeks of the pandemic and even today as we discuss levels of social distancing, economic dynamism is still at play. If economic recovery and growth are linked to increased economic transactions, and this is measured by the number of active contracts, then contract digitization takes on mission-critical status.
The good news is that financial institutions have always known what a critical infrastructure is. That's why many of them had already digitized customer onboarding, daily transactions, policy issuance, and more. But there are still lags, and precisely the contractual processes of other segments of the financial cluster are not yet fully digitalized. The largest businesses within the cluster, which include productive loans, collateral, mortgages, or simple notarization, remain in the Napoleonic era. In the case of households, their contribution to the economy is still limited to income from work and not from transactions involving their movable and immovable assets, which are stuck in analog processes that prevent them from being pillars of economic growth.
What would the financial cluster and the economy be like with households fully capable of buying, selling, mortgaging, collateralizing, or leveraging at very low cost and without the frictions and delays currently required for such transactions to be perfected? Imagine how our economy would be if household assets, along with business assets, increased their transactional activity.
Today, we know that institutions that had invested in digitization were able to orderly confront the COVID-19 crisis. However, they had to overcome numerous challenges, from identity verification to secure authentication, electronic signature for transfers or policies, and providing a seamless user experience. Their efforts were rewarded with unprecedented success; in some jurisdictions, certain banks doubled or even tripled the number of people with banking access. Achieving such a feat would have been impossible with horse-drawn carriages.
With their sectoral leadership, from which many other sectors should learn, the financial cluster is now organized to capitalize on these conditions, shifting from debates about &quot;if&quot; and &quot;when&quot; to &quot;how&quot; to leverage them.
JP Morgan, Blackstone, Fidelity, they are all looking at web3 and asset tokenization as a way to accelerate the business cycle, increase security, and provide better services to their younger users.
Moving Away from the Carriage
Before COVID, cultural inertia and the status quo still justified some assets being transacted in paper or transaction settlement times taking several days.
With the advent of web3 platforms for digital commerce, that is no longer an acceptable state of affairs. An encrypted electronic signature, provided through a digital identity represented in a cryptographic wallet, allows the electronic signature of a transaction to equate to its legal and financial execution: money movement and secure title registration occur simultaneously on a blockchain. This is a level of equivalence between signatures and transactions that was unthinkable in previous stages of the internet, not to mention the paper era.
Getting on a Tesla
Respected thinkers in this field argue that in the near future, contracts will be automatically integrated with the various accounts affecting the balance, producing immediate and verifiable actions on a secure and private ledger. There have never been as many cryptographers working on this as there have been since 2020.
Gradually, contracts are being generated more directly from a CRM at the point of sale, signed in seconds without the parties having physical contact. Once in effect, they trigger and report actions on a wide range of matters: customer service and satisfaction, team performance, dispatches and receipts, electronic invoicing, accounting, and payments, to name just a few examples. Gone are the days when the International Association for Contract and Commercial Management (IACCM) reported that, on average, 9% of business profitability was lost due to inefficiencies in managing contractual obligations resulting from this historical disconnect. It is as astonishing as it is to imagine what a company can do with 100% of its contracts connected to its other systems.
This is not a matter of changing horseshoes on horses' hooves; it's not a matter of installing GPS on the carriages that drive our country and region's economy.
Emerging economies, in particular, have tremendous potential due to the demographic dividend they are experiencing; it is this youth that has the greatest potential to leverage these technologies, even demanding it. Countless industries that are still in their infancy in these regions will grow thanks to the growing digitization still possible on digital platforms. These are unprecedented growth rates, as modern industries are not like the primary or secondary sectors of our economies, which took centuries to granulate their reach. Modern industries grow thanks to digital platforms that have already achieved national, regional, or global reach in just a few years.
Now, combining the global crisis we are trying to overcome with the growth possibilities of our economies is obviously a monumental challenge. Of all the issues at stake, these lines are only enough to emphasize that the recovery and growth we long for in the coming years will be different for those still operating on 19th-century technology and those who are already using technology from our era. The technology that is now defined as Internet 3.0 is undoubtedly the catapult for our arrival in the Fourth Industrial Revolution.

You know why? 

## **The Key to Fast and Secure Business Transactions**

In today's digital world, electronic signatures are an essential tool for businesses of all sizes. They enable parties to sign documents securely and legally without the need for in-person meetings. This saves time and money for businesses and enhances the efficiency of their business processes, including the customer experience.

In this article, we will take an in-depth look at electronic signatures and their importance in streamlining contract signing processes. We will highlight the different types of legally recognized electronic signatures and how they ensure document security and authenticity. Additionally, we will discuss relevant regulations in different jurisdictions.

### Benefits of Electronic Signatures

Electronic signatures offer several benefits for businesses, including:

**1\. Time and Cost Savings** Electronic signatures eliminate the need to print, mail, and file paper documents. This can save businesses time and money on stationery, printing, and courier expenses.

**2\. Improved Efficiency** Using electronic signatures streamlines contract signing processes, reducing the time it takes to complete a transaction.

**3\. Enhanced Security** Electronic signatures employ advanced security methods to protect the integrity of documents. This helps ensure that electronically signed documents are as secure as those signed on paper.

**4\. Contract Management** Contracts consist of obligations between parties, and transitioning to electronic signatures allows many of these obligations, traditionally managed only in the physical world, to be handled digitally. Thus, in electronically signed contracts, it's easier to manage email or electronic reminders to fulfill contract-related activities, automatically trigger invoices or payment links, among other actions.

### Types of Electronic Signatures

There are different types of electronic signatures classified based on their level of complexity and security. In all cases, according to the legal definition by UNCITRAL, a United Nations organization dedicated to these matters, an electronic signature must meet three basic criteria: it should be a data message linking the signatory and the document, it should not be corrupted, and it should be capable of verification as being under the signatory's control.

This can be achieved through various technological implementations, such as a swipe to request a ride, facial recognition, a click in an online marketplace, or a one-time password (OTP) from a bank.

From a taxonomical perspective, electronic signatures are categorized internationally as follows:

1\. \*\*Simple Electronic Signature:\*\* The basic electronic signature is the simplest type. It can be a name, an identification number, or a password used to sign a document.

2\. \*\*Advanced Electronic Signature:\*\* An advanced electronic signature is more secure than a basic one. It is generated using a digital certificate, an electronic file that links an identity to a public key.

3\. \*\*Qualified Electronic Signature:\*\* The qualified electronic signature is the most secure type. It is generated using a digital certificate issued by a qualified certification authority.

Regulations for Electronic Signatures:

Regulations governing electronic signatures vary by jurisdiction. In most countries, electronic signatures are legal and hold the same legal value as a handwritten signature.

Our frequently asked questions section provides more information on various legislation examples.

In summary, electronic signatures are an essential tool for businesses of all sizes. They allow parties to sign documents securely and legally without the need for physical meetings. This can save time and money for businesses and improve the efficiency of their business processes.

<h2>The Key to Fast and Secure Business Transactions</h2>
In today's digital world, electronic signatures are an essential tool for businesses of all sizes. They enable parties to sign documents securely and legally without the need for in-person meetings. This saves time and money for businesses and enhances the efficiency of their business processes, including the customer experience.
In this article, we will take an in-depth look at electronic signatures and their importance in streamlining contract signing processes. We will highlight the different types of legally recognized electronic signatures and how they ensure document security and authenticity. Additionally, we will discuss relevant regulations in different jurisdictions.
<h3>Benefits of Electronic Signatures</h3>
Electronic signatures offer several benefits for businesses, including:
1. Time and Cost Savings Electronic signatures eliminate the need to print, mail, and file paper documents. This can save businesses time and money on stationery, printing, and courier expenses.
2. Improved Efficiency Using electronic signatures streamlines contract signing processes, reducing the time it takes to complete a transaction.
3. Enhanced Security Electronic signatures employ advanced security methods to protect the integrity of documents. This helps ensure that electronically signed documents are as secure as those signed on paper.
4. Contract Management Contracts consist of obligations between parties, and transitioning to electronic signatures allows many of these obligations, traditionally managed only in the physical world, to be handled digitally. Thus, in electronically signed contracts, it's easier to manage email or electronic reminders to fulfill contract-related activities, automatically trigger invoices or payment links, among other actions.
<h3>Types of Electronic Signatures</h3>
There are different types of electronic signatures classified based on their level of complexity and security. In all cases, according to the legal definition by UNCITRAL, a United Nations organization dedicated to these matters, an electronic signature must meet three basic criteria: it should be a data message linking the signatory and the document, it should not be corrupted, and it should be capable of verification as being under the signatory's control.
This can be achieved through various technological implementations, such as a swipe to request a ride, facial recognition, a click in an online marketplace, or a one-time password (OTP) from a bank.
From a taxonomical perspective, electronic signatures are categorized internationally as follows:
1. **Simple Electronic Signature:** The basic electronic signature is the simplest type. It can be a name, an identification number, or a password used to sign a document.
2. **Advanced Electronic Signature:** An advanced electronic signature is more secure than a basic one. It is generated using a digital certificate, an electronic file that links an identity to a public key.
3. **Qualified Electronic Signature:** The qualified electronic signature is the most secure type. It is generated using a digital certificate issued by a qualified certification authority.
Regulations for Electronic Signatures:
Regulations governing electronic signatures vary by jurisdiction. In most countries, electronic signatures are legal and hold the same legal value as a handwritten signature.
Our frequently asked questions section provides more information on various legislation examples.
In summary, electronic signatures are an essential tool for businesses of all sizes. They allow parties to sign documents securely and legally without the need for physical meetings. This can save time and money for businesses and improve the efficiency of their business processes.

## **Transforming Document Management for Business Efficiency**

In this article, we'll delve into the transformative power of contract digitalization in companies and organizations. We'll explore the advantages of transitioning from paper to digital, highlighting operational efficiency and cost reduction, while also offering practical insights on how to successfully implement contract digitalization within your business.

In today's fast-paced business landscape, staying competitive requires embracing technological advancements. One such advancement that has been a game-changer for many enterprises is the digitalization of contracts. In this article, we'll show you how contract digitalization can revolutionize your document management, streamline your operations, and boost your bottom line.

### Unlocking Efficiency&nbsp;

Imagine bidding farewell to the cumbersome paper trails and hello to streamlined, efficient document handling. Digital contracts offer the advantage of quick and secure access, reducing the time and effort spent searching through stacks of paperwork. With a few clicks, you can retrieve any contract, making your workflow smoother and more productive. Plus, digitalization facilitates remote collaboration, allowing your team to work together seamlessly, no matter where they are located.

### Cost Savings Galore

Paper contracts are costly – from printing and storage expenses to the manpower required to manage them. By going digital, you'll significantly reduce these overheads. Fewer printed pages mean lower stationery costs, and less physical storage space needed translates into more office space for productive activities. Moreover, digital contracts contribute to sustainability efforts by reducing paper consumption, which can be a selling point for environmentally conscious customers.

### The Path to Success

While the benefits of contract digitalization are clear, implementing it successfully is key. Here are some tips to get you started:

**1\. Evaluate Your Needs** First, assess your current contract management processes. Identify pain points and areas where digitalization can make the most significant impact.

**2\. Choose the Right Tools** Invest in reliable contract management software. Look for features like document storage, version control, and electronic signatures for a comprehensive solution.

**3\. Training and Adoption** Ensure that your team is trained on the new system and encourage adoption. A well-trained team will maximize the benefits of digitalization.

**4\. Security First** Prioritize data security. Use encryption and access controls to protect sensitive contract information.

**5\. Continuous Improvement** Regularly review your contract management processes and software to stay up-to-date with the latest advancements.

In conclusion, the digitalization of contracts isn't just a buzzword; it's a transformative tool that can elevate your business operations to new heights. Embracing this technology can lead to increased efficiency, substantial cost savings, and a more sustainable business model. So, why wait? Take the leap into the digital age and reap the rewards of streamlined contract management. Your business's future success awaits.

<h2>Transforming Document Management for Business Efficiency</h2>
In this article, we'll delve into the transformative power of contract digitalization in companies and organizations. We'll explore the advantages of transitioning from paper to digital, highlighting operational efficiency and cost reduction, while also offering practical insights on how to successfully implement contract digitalization within your business.
In today's fast-paced business landscape, staying competitive requires embracing technological advancements. One such advancement that has been a game-changer for many enterprises is the digitalization of contracts. In this article, we'll show you how contract digitalization can revolutionize your document management, streamline your operations, and boost your bottom line.
<h3>Unlocking Efficiency </h3>
Imagine bidding farewell to the cumbersome paper trails and hello to streamlined, efficient document handling. Digital contracts offer the advantage of quick and secure access, reducing the time and effort spent searching through stacks of paperwork. With a few clicks, you can retrieve any contract, making your workflow smoother and more productive. Plus, digitalization facilitates remote collaboration, allowing your team to work together seamlessly, no matter where they are located.
<h3>Cost Savings Galore</h3>
Paper contracts are costly – from printing and storage expenses to the manpower required to manage them. By going digital, you'll significantly reduce these overheads. Fewer printed pages mean lower stationery costs, and less physical storage space needed translates into more office space for productive activities. Moreover, digital contracts contribute to sustainability efforts by reducing paper consumption, which can be a selling point for environmentally conscious customers.
<h3>The Path to Success</h3>
While the benefits of contract digitalization are clear, implementing it successfully is key. Here are some tips to get you started:
1. Evaluate Your Needs First, assess your current contract management processes. Identify pain points and areas where digitalization can make the most significant impact.
2. Choose the Right Tools Invest in reliable contract management software. Look for features like document storage, version control, and electronic signatures for a comprehensive solution.
3. Training and Adoption Ensure that your team is trained on the new system and encourage adoption. A well-trained team will maximize the benefits of digitalization.
4. Security First Prioritize data security. Use encryption and access controls to protect sensitive contract information.
5. Continuous Improvement Regularly review your contract management processes and software to stay up-to-date with the latest advancements.
In conclusion, the digitalization of contracts isn't just a buzzword; it's a transformative tool that can elevate your business operations to new heights. Embracing this technology can lead to increased efficiency, substantial cost savings, and a more sustainable business model. So, why wait? Take the leap into the digital age and reap the rewards of streamlined contract management. Your business's future success awaits.

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