Potential Use Cases Of Smart Contract Development In Various Fields

Smart contracts are the core of any decentralized applications/platforms. Smart contract development are predetermined codes on the blockchain that get executed automatically when these conditions are met. Many industries are leveraging smart contracts after knowing their potential. By leveraging Smart contract development, businesses increase the trust among their clients, and the brand’s credibility is increased. Smart contracts benefit many business niches by automating complex business processes and saving time and money spent on labourers and third parties. Let us discuss some of the popular use cases of smart contracts.

How Various Industries Are Benefited With Smart Contract Development?

Finance:

The finance industry will benefit greatly from the introduction of smart contracts. Smart contracts automate various operations, and mainly labor-intensive calculations are automatically solved by smart contracts. Automation saves time and labor hours, but the errors and time spent on rectifying these errors are also completely avoided.

Record Keeping:

Virtually every industry in the predictable world can use smart contracts to improve the speed and security of recording. One industry that will especially benefit is the healthcare industry. Despite the fact that these healthcare institutions invest heavily in security, their current access and storage methods are far more vulnerable to cyberattacks than their blockchain-based counterparts.

Property:

Smart contracts are a great alternative to traditional systems because they are faster and cheaper. Smart contracts have two big advantages for the real estate market. First, it can be used to register property ownership. This also means it can be used to record the ownership of all kinds of property, from buildings and land to phones and watches.

In the housing market, smart contracts can eliminate the need for expensive services like those provided by lawyers and realtors. This new technology also means that, for the first time, sellers can fully handle transactions themselves.

Insurance:

The insurance industry spends millions of dollars each year processing claims. Not only that but millions of dollars have been lost to fraudulent claims. Smart contracts not only support the original policy but also help improve the claiming process in many ways. They allow for error checking and can determine payout amounts based on several criteria that consider the type of policy held by an individual or organization.

Stock:

Supply chain management is another business area that can benefit from blockchain-based smart contracts. Theoretically, a smart contract supply chain could eliminate internal theft by allowing managers to track missing products to their exact time and location. Internet of Things devices can be used throughout the supply chain to record every step a product goes through.

Peer-to-Peer Transaction:

Smart contracts can be used for any range of peer-to-peer transactions. This reasoning has led to the creation of the Ethereum Project and other similar companies. Users of all shapes and sizes can use these platforms to create smart contracts. These contracts remain active until an agreed set of conditions are met.Once the smart contract is satisfied and all conditions are met, the rest of the contract will be fulfilled. Usually, this is a transfer, but not always.

So far, smart contracts have been used for everything from launching ICO to selling goods on the internet. Enterprises also use smart contracts to protect their development teams and other outsourced services. The possibilities for peer-to-peer smart contracts are endless. In practical terms, it could replace many of the currency’s current roles.

Mortgage:

The real estate market will also benefit from cheaper, faster, and safer smart contract-based mortgage transactions. Smart contract mortgages allow both parties to consent to a sale before payment is processed digitally. Once this is done, the contract will update the ownership details to reflect the ownership change. Smart contracts make the process less complex and help buyers get properties faster.

Medical Research:

The medical research industry enjoys similar benefits to the healthcare industry. First, blockchain technology can securely encrypt sensitive data, such as patient records, between departments/research centers. Many patients who participate in medical research have sensitive medical conditions they wish to keep confidential, so maintaining these records secure is essential.

Elections:

Allegations of voter fraud first surfaced in the last US presidential election. Despite using computer systems that can cost millions of dollars in some cases, scammers are finding more and more imaginative ways to operate the system. Smart contracts are a simple and cheap solution to this problem. It can be used to verify voter identities and record votes. This information can be used to take action after all votes are closed. Blocks in the blockchain cannot be changed once recorded so that the record cannot be tampered with.

Product development:

Another interesting use of smart contracts is to keep a ledger of product development stages. The two parties sign a contract that makes it valid. Phases and all other relevant information can be recorded in a smart contract while an agreed-upon project is being developed. For example, if the parties agree to pay in installments, the contract will commence release when those milestones are reached.

 Appealing aspects of smart contracts lie in their ability to keep information secure and to prove its provenance. Companies that have invested large sums of money in developing their projects naturally do not want their information stolen.

Conclusion:

Smart contracts have become necessary for our business to automate vital operations in decentralized platforms. Smart contracts act as a tool to increase the efficiency of the business by eliminating third-party intermediaries. Smart contracts are creating huge impacts in various business domains. This is the right time to incorporate Ethereum smart contracts into your businesses, automate your vital business operations, and prepare your business’s future. 

As discussed above, smart contracts have numerous use cases, and this figure is likely to rise in the future. With the advancement in technology, it is important to embrace these technologies for the betterment of your business. Investing in smart contracts would be the best investment for your business. TurnkeyTown’s top-notch developers excel in smart contracts applications development and offer agile development services. Contact us today and get a free quote.