Nearshore Software Development Company in New York City
Is a Uruguayan IT business that works with blockchain technology. At the moment, the company is working with UK-based Monax with the goal of incorporating blockchain technology into the legal sector. As a result of this relationship, ZirconTech has been able to show how digital contracting is facilitated with the Monax platform and the Agreement Network. Because of this, lawyers aren´t expected to learn difficult programming languages to be able to run smart contracts. By using BPM tools (Business Process Model) and Monax, they can solve real problems directly from the business. Executing simple professional services agreements through smart contracts is becoming a leading use case for blockchain technology.
An interesting component of a digital contract for professional services is the payment process. While it could be implemented manually and add the payment document to the blockchain, as these ar self-executing smart contracts, why not automatically execute the payment when the time has come according to the contract rules? This topic has been a work area of ZirconTech in several countries and particularly in Chile. The company has worked with different financial services institutions and new companies in order to analyze how to take advantage of existing technology to implement these solutions and what would be needed to facilitate it in the future. Various proofs of concepts are being implemented.
Also, according to Zircon CEO, real estate is also taking off. Digital contracting with Monax is also an alternative to address various processes and ZirconTech is exploring ways to use the technology. As Monax CEO Casey Kuhlman mentions, “Blockchain has the ability to take the real estate investment sequence and simulate it. This can create partial ownership and significantly increase liquidity. Blockchain can also open real estate investment trusts (REITs) to a new set of investors.”
“Normally, real estate requires important capital and is controlled by high-net-worth individuals. Tokenization enables reduction in the amount of capital that any individual would need, which means that more people would have the opportunity to invest. This would help diversify the portfolios. It would also offer more liquidity in the ecosystem and the opportunity to move assets more easily".