Contract Management


nikoways uses blockchain to digitally sign contracts and store encrypted contracts to make them more secure than existing solution! nikoways uses Ethereum Blockchain based smart contracts that allow users to rapidly negotiate and create contracts.

Smart Contracts are at the heart of nikoways and they provide these benefits to the users:

  • Eliminates dependence on intermediaries. There is no need to seek help of a lawyer for each contract, making the process faster and simpler.
  • Guarantees safety and confidentiality as all the hash of all the contracts is stored in blockchain. No one can temper with the contract once this is done.

nikoways Blockchain Contract Management Benefits

Better than existing solutions (PDF, Docusign, etc)
  • Data or sequence of transactions can't be mutated or manipulated
  • Increased security as the contract validation information is stored separately from the contract (data)
  • Uses Digital signatures that are generated using cryptography and everyone can sign in parallel
  • No third party ownership, security, non-repudiation, trust, and integrity
Self-Executing Smart Contracts
  • Smart contracts eliminate the need of lawyers and third parties to negotiate and write contracts
  • Blockchain contracts are smart contracts that use a software to monitor terms and trigger actions
  • Self-executing smart contracts automatically track obligations and eliminate manual review
  • Payments or dispute resolution can automatically happen based on the contract rules
Security, Cost, and Transparency
  • Eliminates third-party fees for creating contracts and provides free lifetime data retrieval
  • Cost to store data in blockchain is very less compared to buying expensive software to track the data
  • Better transparency as anyone can view transactions on blockchain
  • Blockchain provides proof-of-existence so data and transaction records can't be altered
Integrity, Authentication, and Non-Repudiation
  • Digital signature of the contract is created with private key of the authenticated user and the file hash
  • Digital signature is stored in a neutral public environment, blockchain
  • Provides full privacy as the contract is never stored in blockchain
  • Anyone with the contract can check its integrity by verifying the digital signature

nikoways Contract Signing using Blockchain

nikoways Contract Signing using Blockchain

nikoways Contract Management using Blockchain

nikoways Contract Management using Blockchain