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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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Why Netflix Broke Itself: Was It Success Rewritten Through Platform Engineering?

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Let’s take a trip back in time—2008. Netflix was nothing like the media juggernaut it is today. Back then, they were a DVD-rental-by-mail service trying to go digital. But here’s the kicker: they hit a major pitfall. The internet was booming, and people were binge-watching shows like never before, but Netflix’s infrastructure couldn’t handle the load. Their single, massive system—what techies call a “monolith”—was creaking under pressure. Slow load times and buffering wheels plagued the experience, a nightmare for any platform or app development company trying to scale

That’s when Netflix decided to do something wild—they broke their monolith into smaller pieces. It was microservices, the tech equivalent of turning one giant pizza into bite-sized slices. Instead of one colossal system doing everything from streaming to recommendations, each piece of Netflix’s architecture became a specialist—one service handled streaming, another handled recommendations, another managed user data, and so on.

But microservices alone weren’t enough. What if one slice of pizza burns? Would the rest of the meal be ruined? Netflix wasn’t about to let a burnt crust take down the whole operation. That’s when they introduced the Circuit Breaker Pattern—just like a home electrical circuit that prevents a total blackout when one fuse blows. Their famous Hystrix tool allowed services to fail without taking down the entire platform. 

Fast-forward to today: Netflix isn’t just serving you movie marathons, it’s a digital powerhouse, an icon in platform engineering; it’s deploying new code thousands of times per day without breaking a sweat. They handle 208 million subscribers streaming over 1 billion hours of content every week. Trends in Platform engineering transformed Netflix into an application dev platform with self-service capabilities, supporting app developers and fostering a culture of continuous deployment.

Did Netflix bring order to chaos?

Netflix didn’t just solve its own problem. They blazed the trail for a movement: platform engineering. Now, every company wants a piece of that action. What Netflix did was essentially build an internal platform that developers could innovate without dealing with infrastructure headaches, a dream scenario for any application developer or app development company seeking seamless workflows.

And it’s not just for the big players like Netflix anymore. Across industries, companies are using platform engineering to create Internal Developer Platforms (IDPs)—one-stop shops for mobile application developers to create, test, and deploy apps without waiting on traditional IT. According to Gartner, 80% of organizations will adopt platform engineering by 2025 because it makes everything faster and more efficient, a game-changer for any mobile app developer or development software firm.

All anybody has to do is to make sure the tools are actually connected and working together. To make the most of it. That’s where modern trends like self-service platforms and composable architectures come in. You build, you scale, you innovate.achieving what mobile app dev and web-based development needs And all without breaking a sweat.

Source: getport.io

Is Mantra Labs Redefining Platform Engineering?

We didn’t just learn from Netflix’s playbook; we’re writing our own chapters in platform engineering. One example of this? Our work with one of India’s leading private-sector general insurance companies.

Their existing DevOps system was like Netflix’s old monolith: complex, clunky, and slowing them down. Multiple teams, diverse workflows, and a lack of standardization were crippling their ability to innovate. Worse yet, they were stuck in a ticket-driven approach, which led to reactive fixes rather than proactive growth. Observability gaps meant they were often solving the wrong problems, without any real insight into what was happening under the hood.

That’s where Mantra Labs stepped in. Mantra Labs brought in the pillars of platform engineering:

Standardization: We unified their workflows, creating a single source of truth for teams across the board.

Customization:  Our tailored platform engineering approach addressed the unique demands of their various application development teams.

Traceability: With better observability tools, they could now track their workflows, giving them real-time insights into system health and potential bottlenecks—an essential feature for web and app development and agile software development.

We didn’t just slap a band-aid on the problem; we overhauled their entire infrastructure. By centralizing infrastructure management and removing the ticket-driven chaos, we gave them a self-service platform—where teams could deploy new code without waiting in line. The results? Faster workflows, better adoption of tools, and an infrastructure ready for future growth.

But we didn’t stop there. We solved the critical observability gaps—providing real-time data that helped the insurance giant avoid potential pitfalls before they happened. With our approach, they no longer had to “hope” that things would go right. They could see it happening in real-time which is a major advantage in cross-platform mobile application development and cloud-based web hosting.

The Future of Platform Engineering: What’s Next?

As we look forward, platform engineering will continue to drive innovation, enabling companies to build scalable, resilient systems that adapt to future challenges—whether it’s AI-driven automation or self-healing platforms.

If you’re ready to make the leap into platform engineering, Mantra Labs is here to guide you. Whether you’re aiming for smoother workflows, enhanced observability, or scalable infrastructure, we’ve got the tools and expertise to get you there.

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