Smart Contracts for SMEs

When it comes to contracts, there are currently several challenges in place that affects parties involved, challenges such as getting paid on time, human error, and the element of trust which fluctuates from contract to contract. When wanting to complete a skilled yet challenging task, SME’s tend to outsource them to skilled freelancers who can complete them in a manner that is cost-effective and agile for the company. However, there are many contractual challenges and pain points currently involved with this process This is what our idea at Hyora comes in, we propose a platform with the help of blockchain technology that can help create and execute smart contracts.  



Talhah Nesar – Film and Television with Innovation  

 Tyso Steer – Management with Innovation  


Being a part-time freelancer and knowing others who currently work full time, there have been multiple pain points experienced in the past when it comes to fulfilling contractual agreement in a manner that satisfies both parties. Working in this sphere has given be understanding of the challenges associated within this industry and therefore me wanting to find an improved alternative. 


To get a better understanding of the key stakeholders involved, we interviewed CEO of an SME’sfreelancers, and blockchains expert within the industry. What this has allowed us to do is to gauge their experiences and understand their perspective and understanding which would then allow us to decide what to include in our final prototype.  


There are 2 key user scenarios, freelancers and hiring SME’s. If we first look at it from the perspective of a freelancer, apart from finding work within a crowded marketplace one of their needs are getting paid for the work which they’ve done itQuite often for freelancers it’s a back and forth process where their payments can be delayed for an extended period of time. Our platform gives allows them to trust a system which will pay them as soon as their work has been don’t to an acceptable standard. Then it’s scenario of the hirer with the SME’s, they want a trustable platform which allows you to see freelancers in a specific locality that can get the job done to a high-quality standard.


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