At CIB, we leverage technological advancements to provide legal solutions. Therefore, in collaboration with our technological partners we offer the possibility to adapt legal execution tasks through the use of blockchain or Artificial Intelligence.
Smart contracts are highly secured programs stored on a blockchain, self-executing and enforceable (either by legal enforcement of rights and obligations or tamperproof execution of computer code).
These types of contracts have the same conditional terms that are automatically executed through code. A smart contract is a set of “agreed-upon” terms written in code and executed with minimal human intervention, with the potential to generate binding digital agreements in code and automate enforcement through blockchain technology.
What types of smart contracts can we help you with?
Smart contracts for logistics
Smart contracts will enable ship or truck owners to monitor their cargo in real time and make updates and changes to contracts as conditions shift, ensuring their operations are efficient and effective. The smart contracts will secure and communicate specific responsibilities assigned to each party involved in a transaction that involves the transportation of goods. This includes determining who is obligated to cover the cost of each part of the international journey, who is responsible for the shipment at each part of the international journey, and who must ensure that the goods are insured.
Smart contracts for service providers
It can help a company providing any type of service to automate and streamline various aspects of the service process. A smart contract can automatically execute payment for services when agreed-upon conditions are met, such as completion of the work order and customer satisfaction.
Compliance with service level agreements
A smart contract can enforce the terms of the Service Level Agreement (SLA) between the service provider and its clients. For example, it can automatically trigger penalties if the service provider fails to meet their SLA commitments, such as response times or resolution times.
Work order optimization
A smart contract can digitise and automate the work order process, including service scheduling and dispatching. This can improve efficiency and accuracy, while reducing the need for manual data entry.
Artificial intelligence
At CIB, we invest in the latest technological advancements in generative artificial intelligence and machine learning.
Cutting-edge algorithms exclusively utilize updated content from verified and highly rigorous sources, identifying legislation, doctrine and case law.
Additionally, the industry’s most advanced digital tools allow us to process our clients’ information with agility and precision, facilitating a seamless and secure interconnection.
Working closely with our key technological partners, such as Wolters Kluwer and LEFEBVRE among others, we complement our team of professionals to provide enhanced strategic and personalized solutions.
