In simple terms it is a digital agreement that is immutable. It is self-executing contract with the terms of the agreement between two parties directly written into lines of code. The code and the agreements contained in that smart contract are a permanent part of the blockchain. The code controls the autonomous execution of the contract and these smart contracts are immutable, traceable and irreversible.
Smart contracts permit trusted transactions and agreements to be carried out among two parties without the need for a central authority, legal system, or external enforcement mechanism.
Pecu Smart Contracts
Pecu Smart Contracts work in a similar fashion as other blockchain infrastructure networks work, with a big difference.
The user interface is simple to use, there is no coding needed in order to issue a smart contract. This is able to be done via the MVault that is being integrated into the Pecu Terminal, it will provide a very simple to use user interface where any network member can simply enter the details of the agreement and actions. The system handles everything on the backend autonomously which registers on the Pecu Novus Blockchain.
The user interface will carry everything from very simple smart contracts to complex ones still using a simple user interface.
The integration of the MVault in the Pecu Terminal is significant as it not only allows for the safekeeping of various digital assets it also is the engine that makes smart contract writing very simple for network members. It also brings with it the integration of the digital document management system DocuMega and the FortisAB Digital Marketplace.
Pecu Smart Contracts & DocuMega
The digital document management system DocuMega via the MVault will have simple integration into Pecu Smart Contracts. This will allow a network member to actually attach a digital document to the smart contract and lodge it with the overall transaction. The actual document will only be viewable by the two parties, lodged in safekeeping in the MVault and will not be able to be altered in any way.
If assignable then the smart contract will be able to be assigned to another party along with the digital document. This is a feature on customized enterprise systems as well as the general Pecu Terminal.
Enterprise level systems will have many other features that will only be available on those permissioned systems.
Inquire about customized Enterprise Level Systems that are permissioned, secure, scalable and swift.
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