6 Top Businesses That Need To Leverage Smart Contracts

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One similarity between Blockchain technology and other technologies is that all of them are meant to make our lives easier. But to accomplish this goal developer need to make sure that are people adopting a specific technology gladly or not?

Again what does adoption exactly mean?

Many-a-time’s end-users of a specific technology fail to understand how a particular technology can change their business?

Similar sort of problem is happening with ‘Smart Contracts’. Yes the technology is new, but the key problem is that majority of businesses don’t know about its application.

Well yes that’s also true that ‘Smart Contracts’ are not here for every business. But there are certain businesses where ‘Smart Contracts’ adoption not only makes sense, but also assist to generate big revenues.

To make it easier here we are casting spotlight on businesses which can adopt ‘Smart Contracts’ and ease their operations.

Here we are not going into depths about basics of ‘Smart Contracts’ technology. If the technology is new for you then you can check our previous blogs:

Before going in much depths lets have a quick glance at benefits of Smart Contracts

Benefits of Smart Contracts

  • Fully digital in nature
  • Transactions take place in seconds
  • Low cost transactions
  • Completely automatic remittance
  • Free from all intermediates
  • No need of escrow
  • Peer-to-peer communication
  • Encrypted secure system

Top businesses where smart contracts can be applied successfully

  1. Supply chain

It is basically an operational system that facilitates movement of products and services from supplier to customer. Having multiple levels and business transactions supply chain has a complex nature.

Smart contracts bring speed, security and accuracy in a supply chain. It also brings automated verification and execution that potentially reduces complex nature of a process. Further, as smart contract technology is a digital technology therefore it gives real time details of each step. By bringing end-to-end transparency it efficiently improves tracking thereby potentially reducing chances of negligence and theft.

  1. Real Estate

Selling or buying of a property involves third party intermediates along with hell lot of paper work. Involvement of all such facets obviously enhances process cost by manifolds. Besides this, traditional process is also pretty time killing exercise.

However, smart contracts backed with blockchain directly connect sellers and buyers thereby completely automating property buying and selling process. As no intermediates are involved hence chances of errors also go down substantially. Moreover, it enables users to perform tracking and verification all with a single click.

  1. Gaming

Gaming has swiftly turned into a multi-billion industry and over the next few years it is expected to soar higher. Good thing is that smart contracts technology addresses perspective of both players and developers.

Now, using Smart contracts gaming enthusiasts can develop, distribute and even play online games securely. This technology also helps to curb piracy issues by marking each gamer with a unique ID. Besides this, participants get extra advantage of speed, security and anonymity all at much lower costs.

  1. Healthcare

Healthcare industry is one of those industries that is still using old rigid inefficient systems. Now, age old systems based on paper works obviously jeopardize patients treatment records. Such records are important to maintain for proper treatment and research work also.

Smart contracts technology stands to successfully upend healthcare industry. This technology is actually making healthcare easier and affordable. The technology allows 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.

  1. Hospitality

Hospitality industry is a ever-changing industry and hence it needs a more dynamic system that can perfectly cater its needs. Traditionally this industry is inundated with different third party service providers and operators. This greatly reduces its efficiency, reliability and profits. Smart contracts technology has huge potential to effectively address all such bottlenecks.

Changing the course and conduct of the tourism industry smart contracts brings complete automation in travel and tourism industry. It improves travel services accessibility and also greatly reduce the operational costs. Their application has minimized the human intervention in the travel industry and hence made it more transparent. Moreover, adoption of this technology has successfully brought an end to annoying invoices, delayed payments and cash flow worries.

  1. Insurance

Insurance industry is one among the oldest service industries of the world. But the industry still is coming across the age old critical flaw i.e. lack of trust among parties.

Smart contracts efficiently address all such issues and that’s why receiving lot of attention from insurance industry. Applying smarts contracts a policy and its terms can be written as a transparent digital code. On successful fulfillment of all conditions, payment is immediately released to insurer. In short, this technology allows to completely castoff the role of age old paper based system and legal formalities.

Conclusion

The world is changing at a swift pace. To match this pace and dominate digital world companies need to think in a digital manner.

The sectors mentioned above are just a tip of iceberg. The technology holds much more than this. Using smart contracts every day new industries are discovering innovative ways to transform their business. To make their business better, bigger and more acceptable.

Yes that’s understandable that adopting smart contracts does take a little time. But mind it! If you take this little time to adopt this technology a nice bump in business is sure to come.

Stay tuned to get more insights about this futuristic technology. You can contact an experts to learn how smart contracts can assist your business to make it bigger.

What other industries do you feel where smart contracts can be applied successfully?

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