Smart Contracts: An Opportunity for Company Modernization in a Post-COVID-19 World

ABSTRACT

Although smart contracts already existed before COVID-19, some Ecuadorian companies still show delays in the modernization of their contractual processes, which goes in the opposite direction to the needs that a digital society demands. The need to promote the implementation of technologies that minimize physical contact of people and optimize resources has been evidenced. In addition, based on the effects of the pandemic, the contractual dynamics of Ecuadorian companies force us to make the definitive digital step in this field that still is not present at all, even though there is national and international legislation that allows it. In the national and international context, it becomes imperative to consider the use of smart contracts. This paper presents a descriptive methodology to use smart contracts as an alternative for improvement in digitization processes as a vision to eliminate distance barriers between the parties, automatic execution of the clauses and conditions, elimination of paper, optimization of resources, and improvements over time. © 2022 Copyright for this paper by its authors. Use permitted under Creative Commons License Attribution 4.0 International (CC BY 4.0).