Imagine a world where commercial agreements are executed by digital smart contracts. Where the contract and payments are actually tied together by mathematical rules of the blockchain.
A commercial term like “Net-30” that obligates a business to pay its invoice in 30 days, could be automatically executed on the day it’s due. Or an agreement to pay on delivery could track that the product actually was received and signed off on as in good order, before payment is released.
Escrow systems, third-party agents, and intermediary networks could be rethought to be far more efficient.
Or perhaps even more exciting is the ability for business-to-business blockchains to enable digital native payment networks that can instantly settle funds directly between parties.
Sourced through Scoop.it from: www.coindesk.com