What are Smart Contracts?

Smart Contracts technology help you exchange money, property, shares or anything valuable in a transparent and hassle-free way that too avoiding the intervention of any third-party.

Ethereum blockchain is mainly used to encode this smart contracts. While conducting on blockchain this contract becomes a self-operating program that automatically works when specific conditions are met. As they run over blockchain technology with the help of Ethereum, they get all the benefit and thus safe to run.

Here are 5 best-known sectors which can use smart contracts for a successful business process.

Real Estate:

The selling or buying of properties usually involve third-party intervention along with a lot of paperwork.

There is a difficulty in controlling ongoing lease agreement, property operations and cash flow due to involvement and dependencies on landlords, tenant and property managers, and other vendors. Smart contracts development can come into the scene which can make the agreement process easy even by managing time and security.

Supply Chain:

The supply chain is basically a system that enables the movement of products and services from the manufacturer, suppliers to the customers. As it have multiple steps and business transactions the overall process and management is complex in nature.

Over here, Smart contracts fasten the flow, offering improved security and accuracy in a supply chain. It also helps with automated verification and execution that reduces the complexity of the process. Additionally, as it is a digital technology, therefore, it offers real-time information of each step. With end-to-end transparency, it has the potential to efficiently enhance the tracking thereby reducing chances of negligence and fraud.

Read more: Why should an Enterprise go for Smart Contracts?

Banking & Insurance

Banks and insurance company are showing interest in blockchain and many of them have already started heavily investing in research and development. This industry is one of the oldest service industries of the world. And the biggest problem is lack of trust and managing the flow, identity management.

Smart contracts can efficiently eradicate all such problems and that’s why it is getting a lot of attention from this industry. The policy or loan terms can be written as a transparent digital code. It takes the old paper based process and legal formalities to the digital platform with improved security.

Hospitality:

Hospitality industry can also leverage the blockchain technology development as the smart contract is a dynamic idea that can cater to it needs. As we know, traditionally this industry is linked with different third party service providers and operators which sometime effects its efficiency, reliability and profits. Smart contracts technology can help out with such problems.

It can improve the travel services accessibility and also reducing the operational costs. Its application has minimized the human intervention making the travel industry more transparent. Moreover, it has finish the annoying invoices, delayed payments and cash flow worries.

Healthcare

Smart contracts technology can successfully help the healthcare industry. It can make the healthcare easier and affordable. The technology allows the healthcare industry to digitize all its patients record to help them bring air tight security and anonymity. It not only assists to efficiently keep records of supplies and medicines, but also provides real-time information for better assessment.

Slowly, we will get to see more use cases of blockchain technology. The technology is growing and it is a right time to embrace smart contract to experience an amazing growth.