Monthly eNewsletter from the IADC

Smart Contracting Vendor

IADC recently identified and licensed a vendor capable of providing smart contracting services – a solution designed to shorten the length of time from invoice to payment, with a daily review and approval process. A second licensed vendor is anticipated in coming weeks.

Smart Contracting Defined: Self-executing contract where terms of agreement between buyer and seller are directly written into lines of code across a private, permission-based blockchain network. The code controls the execution and transactions are trackable and irreversible.