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 our people adopting a specific technology gladly or not?
Again what does adoption exactly mean?
Many-a-times 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 the 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 the 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:
- An Ultimate Guide About How Smart Contracts Works
- Do You Really Know The Difference Between Smart Contracts and dApps?
Before going in much depths lets have a quick glance at the 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 operating system that facilitates the 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 the 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.
2. Real Estate
Selling or buying of a property involves third-party intermediates along with hell lot of paperwork. Involvement of all such facets obviously enhances process cost by manifolds. Besides this, the 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.
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 the 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.
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 maintaining proper treatment and research work also.
Smart contracts technology stands to successfully upend the healthcare industry. This technology is actually making healthcare easier and affordable. The technology allows the healthcare industry to digitize all it is the patient’s record to help them bring airtight security and anonymity. It not only assists to efficiently keep records of supplies and medicines but also provides real-time information for better assessment.
The hospitality industry is an ever-changing industry and hence it needs a more dynamic system that can perfectly cater to 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 the travel and tourism industry. It improves travel services accessibility and also greatly reduce 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.
The 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 a lot of attention from the insurance industry. Applying smarts contracts policy and its terms can be written as a transparent digital code. On successful fulfilment of all conditions, payment is immediately released to an insurer. In short, this technology allows to completely cast off the role of age-old paper-based system and legal formalities.
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 the tip of the 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 expert 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?