Removing third parties speeds transactions and reduces their cost.
CFOs and finance departments are always looking for reductions in cost and increases in speed and efficiency in business engagements. One option that’s attracting more attention is the smart contract.
A smart contract is an electronic agreement that uses computer programming and blockchain technology to execute without third parties, such as the banks that verify payments, said Stan Sterna, J.D., a Chicago-based vice president with Aon, which provides the AICPA member insurance programs.
Read the full Journal Of Accountancy article here