Looking to add Smart Contracts to your business transactions? If yes, here is a piece of information for you.Shifa Martin
The talk around smart contracts and its potential seems to be never-ending. Why so much buzz in the industry?
One of the big reasons businesses are looking for smart contracts is because of the benefits that come in the form of speed and cost.
Smart contracts are computational codes that are uploaded into the blockchain to check the validity of a contract. Unlike a traditional contract, smart contracts don’t rely on a third party to facilitate the business transaction and deliver the product directly to you as long as you meet the contract terms.
Let’s imagine one example. Suppose you need to buy a refurbished smartphone from an ordinary platform where people search, sell & buy different things. But you have obvious doubt that a seller can cheat you and will send you nothing if you prepay. Here you get worried about the possible fraud. Here’s how a smart contract can be beneficial?
With smart contracts a special software monitors and controls both parties and ensure that they both fulfill their obligations as indicated in the contract. And if they don’t follow the rules, the program can automatically levy fines for violation or non-fulfillment of payment & bargain terms. The smart contract, with its security and reliability features, make sure that a payment transaction can’t be changed.
Even for SMEs, this automation can make a great deal easier. In the real estate world, a property buyer would purchase tokens and send them to a set address entered on the blockchain. The transferred funds stay at that address until a program identifies all the required steps in the property purchase process. The steps could be related to entering a particular code on a sales deed or uploading of the signed copy of the real estate contract. Once the defined steps met all its requirements, the payment tokens would automatically be transferred to the seller. So, this way the entire purchase process becomes authenticated & automated.
1. Smart Contracts in the Healthcare Industry
E-medical records have become a necessity for many hospitals and medical companies. The purpose is to provide them with safe and instant access to the patient’s records from anywhere in the world.
Medicalchain is a platform built on Blockchain smart contracts that provide easy & safe access to medical records. The website allows the patient to get quick control over their personal medical data.
2.Smart Contracts in Payment Services
Payment fraud is one of the main challenges companies are facing in the current scenario. To combat this, there is a need for the administrative platform that ensures their validity. Smart contracts help to overcome this challenge by ensuring that both payer and payee can lock into an agreement without taking help from the lawyers or other intermediaries.
Tezos has some of the best smart contracts & decentralized apps to provide you. Their smart blockchain apps built to facilitate payment verification, and avoid error codes in the validation of payment transactions on the network.
3.Smart Contracts in Shipping & Logistics Industry
Smart contracts simplify the tracking of packages that move around the world. This technology makes the whole process easier and more transparent by showing where exactly every package is. You will be able to see exactly where each individual product came from that save your costs and keep the product safe in a much more convenient way.
BitNautic is a shipping platform that uses blockchain smart contract technology to ensure better & improved operations of goods & commodities all over the globe. The website support real-time tracking of ships along with the tracking of special deals & offers in the e-commerce industry.
4.Smart Contracts for Copyright Issues
Blockchain smart contracts in the media industry allow the copyright holder to receive a royalty fee on their video, image or music content. Whenever your content is used for commercial purposes, smart contract solutions mainly help in keeping track of content ownership rights. Top industry players in the entertainment sector have adopted the smart contracts model and implemented it to other forms of content.
For example, Monegraph is a creative blockchain studio that allows artists, publishers, and institutions to put their creative work on the platform. The platform also provides ways to trade, buy, and sell fully licensed content. With Monegraph, artists can set prices, buying & selling terms, and can also streamline the communication between the artists and publishers.
5.Smart Contracts in the IoT
In the smart contracts IoT connected world, you would have no reason to worry as with a fully-automated system keep tab of your daily needs. For example, when you switch on your TV, the movie you wanted to watch is already downloaded. And, your curtains open automatically minute before your alarm is about to ring. So, due to smart contracts, your life becomes more comfortable and automatic.
Technology like Slock.it use the smart contracts technology to open & lock the door if the condition meets with the set agreements. Through a smart lock, access can be granted based on the set rules or through a smart contract-based mobile app.
6.Smart Contracts in the Real Estate Industry
Smart contract in real estate deals is useful for both parties especially cross-border transactions that are painful for a normal person to handle. Even there is no need to get involved in the signing of papers, months of legal negotiations, and other nuances related to transfers of property ownership rights.
With the help of smart contracts, the possibility of human errors is reduced and a centralized registry system would allow you to buy and sell the property without intermediaries within minutes. In just a few clicks, you can find your dream apartment, just pay for it, and you’re the new owner of the house. There is even no need to meet with the seller.
ShelterZoom is a real-time real estate platform built on blockchain smart contracts technology that makes your buying, selling, and renting more safe, transparent, and profitable.
7.Smart Contracts for Tax Payments
In this image, a guy is running to the tax office that’s the main source of jokes in many countries. But when you are in the same situation as this guy, you’ll not laugh.
With the smart contracts enabled tax payments you’ll get alerts for your pending tax payments that would save you from fines. At the same time, all your tax data is recorded on the blockchain and transparency of the tax records makes fraud activities almost impossible.
According to Cointelegraph, the Thai Revenue Department is planning to deploy the blockchain technology in its tax tracking system. This will help them identify tax fraud and create more transparency for their users.
Smart Contracts in the Retail Industry
The smart contracts could also be useful for e-retailers that offer gift cards and loyalty programs by making the whole process more transparent, secure, and user-friendly. Gyft Block, is a good example of gift card portal that works in partnership with the bitcoin API developer chain. The portal issues the digital gift cards that you can send to your employees or business friends using their blockchain’s public ledger.
We are at the early stages of deploying smart contracts in the businesses, but 2019 is definitely going to be the year of this smart technology. In the near future, blockchain smart contracts will allow businesses to exchange their services from any place of the world and with minimal time and financial expense.