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Does Smart Contracts Work for India Inc.?

The concept of ‘smart contract’ was introduced by Nick Szabo, an American cryptographer and computer scientist in 1994. But, only after blockchain became widespread in 2008, people understood practical applications of smart contracts. 

A smart contract is a computer protocol (set of rules) that digitally facilitates, verifies, and enforces the negotiations between two parties. It uses a distributed ledger system (blockchain) to store data on public databases and perform transactions without involving third parties. 

In this article, we’ll discuss the legal aspects of smart contracts in India. Before we do, here is a brief insight into how smart contracts work.

How Are Smart Contracts Executed?

The smart contract is a blockchain-based computer code. The contract terms are written in the code itself. Smart contracts interpret and verify every transaction against the terms and automatically executes them.

The key features of smart contracts are-

  1. Once the smart contract is released, no one including the creator (owner) can modify its terms.
  2. Physical documents are not required to initiate and complete the transaction.
  3. Although users can remain anonymous, the smart contract records the transaction details.
  4. Moderators can track market activity, but cannot regulate the transactions.
  5. Smart contract transactions are irreversible.

Smart Contract Real Estate Use Case: Propy

For instance, Propy is a smart contract-based cross-continental marketplace for buying and selling properties. It allows owners and brokers to list their properties and allows sellers to search and negotiate irrespective of location. The deal is closed through online transactions and each deed is recorded in the blockchain.

  

Viability of Smart Contracts in India?

Indian jurisdiction does not allow its financial institution to undertake bitcoin transactions. Since bitcoins demonstrate peer-to-peer transactional network, the fact that it is forbidden questions the viability of “Smart Contract” in India.

However, section 10 of the Indian Contract Act, 1872 states – “All agreements are contracts if they are made by the free consent of parties competent to contract, for a lawful consideration and with a lawful object, and are not hereby expressly declared to be void.” 

Therefore, legally, two parties can sign a contract with or without third party involvement. By definition, the Indian Contract Act 1872 allows Smart Contracts.

Also, sections 5 and 10 of the Indian Information Technology Act, 2000 legally recognize digital signatures and considers a contract formed through electronic means as valid and enforceable. 

Despite Indian law allowing for digital contracts, Ponzi schemes facilitated by blockchain questions the viability of technology to safeguard people’s interests. Amit Bhardwaj’s $300 Mn cryptocurrency fraud calls for a strict ordinance for peer-to-peer contracts.

Since Smart Contracts do not involve a regulatory third party, fraud-control is a real concern. But, according to section 65B of the Indian Evidence Act, 1872 digitally signed contracts are admissible in a court of law. Therefore, the government can intervene to resolve the disputes between participants. Also, sections 17, 18, and 19 of the Indian IT Act, 2000 allows supervision from national and foreign governing authorities.

Drop us a ‘hi’ at hello@mantralabsglobal.com to learn more about building industry-specific smart contracts and products.

Smart Contracts Insurance Use Case: Fizzy

AXA’s Fizzy is a smart contract-based travel insurance scheme for flight delays and cancellations. It ensures transparency as the claims displayed on the website are stored in a blockchain and no one can change the terms after purchase. 

User can buy the insurance online. When the flight is delayed or canceled, the public databases of plane status information automatically triggers the insurance holder’s compensation. The event confirmation executes and closes the claim process instantly.

Are There Business Benefits From Smart Contracts?

Almost all businesses (viz. Insurance, automobile, healthcare, supply chain, real estate, education, etc.) can benefit from smart contract development.

Transparency and data immutability are the competitive advantages that Smart Contracts bring to users on a global scale. With accurate record-keeping, companies can overcome fraud and business inconsistencies. Especially pay-per-use and micro-transactions can save paperwork and costs associated. For instance, insurers can manage micro insurances better through smart contracts than traditional models.

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The Essence of User-Centered Design: A Dive into Fundamental Principles

In a digital world where user experience reigns supreme, crafting designs that resonate has become a mission. Enter User-Centered Design (UCD), a philosophy placing users at the core of the creative process. In this exploration, we’ll delve into the fundamental principles of User-Centered Design and understand why they are the keystones of successful interfaces.

User-Centered Design

Introduction:

Imagine navigating a website seamlessly, effortlessly finding what you need. That experience is no accident but the result of intentional design. User-centered design (UCD) is the compass guiding designers toward creating interfaces that users not only navigate but embrace.

1. Empathy is Key:

  • Incorporate for a better approach: Start by stepping into the shoes of your users. What are their pain points? What delights them? By empathizing, designers gain insights that drive user-focused design decisions.

2. User Involvement Throughout the Design Process:

  • Real-life example or statistic: Apple’s iterative design process involves user testing at every stage. This constant involvement ensures that their products align precisely with user needs.

3. Holistic Approach to Design:

  • Visual content: Picture your design not as isolated screens but as a cohesive journey. Use diagrams to illustrate how each component fits into the larger user experience ecosystem.

4. Usability is Non-Negotiable:

  • Case studies or examples: Consider the success of Google’s homepage. Its simplicity and efficiency showcase the power of a user-centered approach, emphasizing usability.

5. Accessibility for All:

  • End with a clear call-to-action: Make your designs accessible. It’s not just a legal obligation; it’s an ethical imperative. Ensure your interfaces are usable by everyone, regardless of ability.

6. Consistency Across the Interface:

  • Formatting for readability: Consistency is not just a design principle; it’s a readability strategy. Use bullet points for clarity and short paragraphs for easy consumption.

7. Flexibility and Customization:

  • Inclusive language: Users are diverse, so should your designs be. Incorporate flexibility and customization options. This ensures your interface caters to a broad range of preferences.

Why User-Centered Design Matters:

A. Enhanced User Satisfaction:

  • Feedback mechanism: Prioritize user satisfaction. A satisfied user is an engaged user. Welcome reader input and questions to keep the conversation alive.

B. Reduced Learning Curve:

  • Clear call-to-action: Minimize frustration. Make your interfaces intuitive, reducing the learning curve. Invite users to explore with a clear call-to-action.

C. Increased Engagement and Retention:

  • Visual content: Engaging interfaces retain users. Visualize engagement with appealing images or infographics. Showcase how user-centered designs reduce bounce rates.

D. Effective Problem Solving:

  • Tangible proof: Case studies offer tangible proof. Explore how UCD’s iterative process allows for effective problem-solving. Real-world examples bring these concepts to life.

Conclusion:

In the grand tapestry of digital design, User-Centered Design is the thread weaving functionality, aesthetics, and user satisfaction into a seamless whole. By embracing these principles, designers transform mere interfaces into user-centric experiences. So, as you embark on your design journey, remember: User-centered design isn’t just a philosophy; it’s a commitment to excellence. Design with the user in mind, and success will follow.

About the Author: Mehul Chauhan is a seasoned Senior UI/UX Designer at Mantra Labs. With a deep understanding of design principles and a keen eye for detail, he brings creativity and innovation to every project he touches. When he’s not busy perfecting digital interfaces, you can find him seeking inspiration in art galleries or exploring the latest design trends across various industries.

Further Reading: Unveiling the Art of Emotional Design

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