Smart contracts can be used for a variety of use cases, not just financial transactions. A smart contract can execute a financial or contractual agreement between two parties or simply trigger the execution of functions in a blockchain-based application. Here are some industries where smart contracts can be used to simplify transactions and business operations:
Health Systems: Smart contracts can be used to securely transfer data so that patients have control over their own data. Third parties, such as Researchers or biomedical institutions would not have access unless specifically requested by the patient. They could also be used for health management tasks, such as: recipe management, test results, regulatory compliance and orders for medical supplies.
Government: Smart contracts would provide a secure electoral system and significantly reduce electoral fraud concerns by providing a much safer and more transparent system. The voices protected by the blockchain ledger would have to be decrypted and would require a lot of computational effort. In addition, simple selection through a smart contract could significantly improve participation.
Management: The blockchain with its automated systems facilitates workflows and provides a constant account as a source of trust. The precision and transparency of a block-based system saves time when waiting for approvals and signatures. Smart contracts streamline procedures and eliminate discrepancies that can lead to problems such as delays and litigation.
Real Estate: The real estate industry is inefficient and expensive because of its manual nature and relies heavily on foreign brokers to facilitate transactions. With smart contracts, attendees can save a lot of costs associated with trading and fees. At the end of 2017, a house with smart contracts and blockchain technology was acquired for the first time in Ukraine. It is estimated that smart contracts will be used by more than 25% of global organizations by 2022. The development of these technologies is a dynamic process, and companies are opening up for smart contracts to improve the operations and change the face of the traditional business professions. Innovative ways of implementing intelligent contracts are presented.
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