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.
A simple user interface was developed that allows members to place PECU in escrow for a transaction. There is no coding needed in order to issue this simple smart contract, it is as simple as selecting the date of the escrow release and any public or private notes surrounding the transfer. This is able to be done via the MVault that has been integrated into the Pecu Terminal, so a simple click of the escrow button in the transfer area makes the magic happen.
The simple user interface for escrows was an important feature as it allows for anyone that is used to using Web2 interfaces to take advantage of the power of putting PECU in escrow. This is only the beginning because any token created on the backbone of the Pecu Novus Blockchain Network will have the same capability. It is all on-chain and transparent.
This is step one of the simple user interface , what is in development includes additional simple user interface solutions to compliment the escrow system as well as a code based platform for creating more complex smart contracts.
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 will also bring with it the integration of the digital document management system DocuMega , adding the element of digital versions of physical contracts. Basically lodging a digital version of a physical contract that was executed on DocuMega within a a PECU transaction will be the end result.
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 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 only 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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