5 Applications Of Smart Contracts
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What is the easiest way to get things done? To find someone who succeeded and to repeat their actions step-by-step. What is the blockchain smart contract applications way to get things done?
To find someone who succeeded, to estimate their mistakes, and to come up with own strategy. This rule applies to everything — work, relationship, house cleaning, dog training, pasta cooking, whatever else. You always have a choice, but the easiest solution is rarely the smartest one. No, smart contracts would not help you plant roses faster.
At least, not now. But they allow you to get rid of redundant actions and make them run automatically. You define these conditions in a smart contract, and, from now on, you can forget about payments. The contract would automatically withdraw money from your account and transfer it to the provider. As easy as that. A smart contract is a code that defines actions and conditions of their blockchain smart contract applications.
If all the prerequisites are met, the contract would be run, and it is guaranteed by the strict logic of computers and Ethereum blockchain. Automatic payments are the first to come to mind when we speak about smart contracts. But their area of application is much more blockchain smart contract applications. Can you guess which advantages this new way of managing processes brings to businessmen and ordinary people?
Numerous smart contract application examples show us blockchain smart contract applications beneficial they are when being implemented in the proper sphere with the right intention. When it comes to smart contracts, the number of use cases in industry and everyday life is almost endless. Let us tell you about the most interesting applications and show you how the implementation of smart contracts in business is already changing the world we live in. Today, different institutions hold different details about your life — bank records, ownership rights, job details, demographic facts, etc.
To collect all this information in one file, you would need to carry a huge pile of papers, references, copies. Smart contracts solve this problem and allow to keep all the data on one person in one place. Whenever something happens to you, it would be registered on the blockchain to keep your identity holistic.
Owing to this, KYC verification would become instant. Even though the modern banking system works rather smoothly, its imperfections are hard to deny. Smart contracts do not require any intermediaries. Hence, you pay no fees. Moreover, the transparency guaranteed by the blockchain reduces the possible risks of fraud.
Automatic payments triggered by smart contracts would save you from fines blockchain smart contract applications prevent you from committing a crime unintentionally. At the same time, all the data about taxes is recorded on the blockchain and available for everyone who is determined enough to check the database. The transparency of the tax records makes cheating almost impossible. May you get into a minor car accident, the first thing you would worry about is an insurance payment.
If the accident is not your fault, you expect the guilty side to cover repair expenses. But blockchain smart contract applications would you do if this person denies their fault?
Your chances of getting a refund are not too inspiring. May the car be equipped with an IoT device reporting its location, speed, time of the accident, you would have no reasons to worry. Real estate deals, especially, cross-border ones are way too painful for a normal person to handle. With the help of smart contracts, this pain is easy to avoid.
The centralized registry of the property would allow you to buy and sell real estate without intermediaries and to pass ownership rights within minutes. It might be written that it has just arrived from Denmark. Your options are not too impressive — you may either believe it or not. Smart contracts combined with IoT devices are about to make a revolution in logistics and supply chain.
Blockchain smart contract applications their help, tracking of the way products pass before they arrive at the retail spot becomes automatic and transparent.
It applies not only to food products. For instance, this technology can be used for tracking retail goods, responsibly sourced coal, oil, gold, etc. Owing to the blockchain, vendors become more trustworthy and the risks of fraud decline. You come back from work, and a box with the products you need waits near the door. You turn on the TV, and the movie you wanted to watch is already downloaded. Your alarm is about to ring, and your curtains open automatically a second before it.
A smart house is no longer a setting for a sci-fi movie, and, due to smart contracts, it becomes more automatic and reliable. IoT is one of the most inspiring smart contracts examples as it is tightly connected with our daily routines. The Internet is full of offers to play online slot machines or to check out new virtual gambling rooms.
But when you play for money, you start thinking about payments and ways of getting your blockchain smart contract applications. If a virtual casino adopts smart contracts, you would have no reason to worry: Blockchain smart contract applications becomes transparent and honest.
The same algorithm applies to any paid computer game and e-sports. Piracy and authorship violations are a big issue within the entertainment industry.
Musicians, photographers, writers, and other artists are deprived of their royalties due to blockchain smart contract applications dishonest exploitation of their intellectual property. Making a transparent registry of authorship on a blockchain is an ambitious example of how smart contracts may improve the current state of affairs.
Moreover, your blockchain smart contract applications are registered securely, and no one would be able to alienate them. The profit brought by smart contracts is not only in secure and fast transactions, automatic payments, and enhanced daily routines. Can you believe that such contract may save your life, for instance, prevent a heart attack? When any of the indexes exceeds the norm, a smart contract triggers a notification you receive on your phone.
In such way, you will be warned that something goes wrong and you would have enough time to take medicine and prevent a crisis. Moreover, a blockchain is convenient for secure storage of clinical trials results as it guarantees the privacy of the patients.
You may come up with any idea of how to exploit smart contracts on a blockchain, for example, how to keep track of academic performance at schools. Today, numerous enthusiasts work on the projects aimed at solving the acutest problems with the help of the blockchain technology and smart contracts.
But the latter have their imperfections too. After all, no one said it would be easy to change the world blockchain smart contract applications to enhance it with new, better ways of solving usual problems.
And some time would pass before their achievements are appreciated. Hence, owing blockchain smart contract applications smart contracts, processes become: