Smart contracts work by following simple “if/when…then…” statements that are written into code on a blockchain. They are simply programs stored on a blockchain that run when predetermined conditions are met. We typically use them to automate the execution of an agreement so that all participants can be immediately certain of the outcome, without any intermediary’s involvement or time loss. They can also automate a workflow, triggering the next action when conditions are met.
Transparency and honesty is one of the key metrics to build up loyal customers. Our customers have no way to keep track how many seconds they have called through our platform. Customer can only rely on the billing system of the carrier, which can be tampered or have simply a bug. Therefore, we have decided to offer our customers the possibility to host their itemized bills on a blockchain decentralized environment. By using a smart contract we can guarantee that the invoices the customers get per month, are billed exactly as agreed. Nothing has been rounded up to a minute and no hidden costs are added to the invoice.
Smart contract is a certified electronic contract that contains all the information of data, variables and documents necessary for the formalization of the contract and the planning of the automated processes.
Blockchain transaction records are encrypted, which makes them very hard to hack. Moreover, because each record is connected to the previous and subsequent records on a distributed ledger, hackers would have to alter the entire chain to change a single record. So we can easily conclude that usage agreements based on smart contracts are the future.
We are very proud to lead the way for more transparent billing in the telecommunication sector.