Building a Letter of Credit Workflow Module Using Smart Contracts

Smart contracts are excellent tools for building automated and transparent workflows. In addition to this, the advantage that blockchain provides in terms of immutability and auditability gives architects the ability to design efficient smart contracts give architects and developers the ability to design efficient. enterprise-grade workflows that can integrate with legacy IT systems and business processes. An escrow is a great example of a use case where smart contracts provide value. An escrow is a financial product whereby a third party—such as a bank—will hold assets or money on behalf of two parties that are executing an agreement or a transaction. The third party acts as a facilitator to ensure that the parties in the agreement do not try to commit fraud or cheat each other. Financial organizations...