smart contract is an agreement between two people in the form of computer code. They run on the blockchain, so they are stored on a public database and cannot be changed. The transactions that take place in a smart contract are processed by the blockchain, which means they can be sent automatically without a third party.
Smart contracts are automatically executed once the conditions of the agreement are met. This means there is no need for a third party, like a bank, a broker, or facilitator.
With AliXConnect, importers and exporter will be dealing directly without the need of shipping agents or financial institutions. Importer creates an account on AliXConnect and fill out the requirement of the product he/she is about to import. Once they are complete with the requirement filled out, a smart contract will be coded and created by the AliXConnect and executed with a smart contract Address.
Exporter or the shipping company will receive the smart contract/Call the smart contract execution and will review the terms of contract and once agreed they will accept the contract, that will bind them digitally in contract and guaranty the payment with AliCoin (ALICN). That will be issued from importer to exporter in confirmation of acceptance of contract