Smart contracts are gaining popularity and have already been implemented in various blockchain projects. Here are just several promising examples of smart contract implementations in different industries.
Banking might be the primary industry where smart contracts appear to be the most significant alternative to the traditional model of transactions. Smart contracts make payments as well as loans, and nearly all others financial operations literally automated.
KYC-Chain implements smart contracts for individuals, businesses, and financial institutions. In the core of KYC-Chain are mechanisms allowing clients to comply with regulatory norms, such as automatic smart checks, as well as to share pertinent documents and get them digitally attested by notaries and institutions.
Smart contracts can also improve healthcare. They can streamline processes for insurance trials, increase access to cross-institutional data, and boost confidence in patient privacy. Authentication, authorization, and identity confirmation remain open issues for smart contracts executed on blockchain networks.
An example of smart contracts in the healthcare industry is Dentacoin. Dentacoin aims to bring patients and dentists together in communities to improve dental care and make it affordable worldwide.
Another area where smart contracts can provide real-time visibility is supply chains. Smart contracts ensure granular inventory tracking, benefitting supply chain financing as well as reducing the risk of theft and fraud.
Smart contracts can effectively be used regardless of marketplace type or goods sold. For example, Name Bazaar is implementing smart contract technology within a peer-to-peer marketplace where users can exchange cryptographic assets on the blockchain in the form of domains.
The traditional model of resolving legal issues and certifying documents is also giving way to smart contracts. Smart contracts eliminate the need for notarization, offering not only an automated and unbiased but also a cost-efficient solution.
Nottar.io illustrates the concept of notarizing documents using the Ethereum blockchain.
You’ve already read about the easiest concept of how a smart contract can work for real estate in the How Smart Contracts Work section. Of course, real-life projects are way more complicated and comprehensive and need to cover a broader range of issues and opportunities.
For instance, FOAM is a stock market for real estate that uses technology to let users make property transactions, get financing and funding, and manage leases.
It might be most interesting to investigate the potential impact of decentralization technologies on monopolistic spheres, especially government systems.
Australian company Horizon State is working to provide voting and other tools to help the democratic process. Particularly, Horizon State intends to offer a blockchain-based voting ecosystem that supports secure, cost-effective campaign operations for a range of election types and voting parameters. The primary goal of Horizon State is to enable transparent, unbiased voting in countries around the world.
Internet of Things Networks
There are areas where smart contracts intersect with other technologies, and the Internet of Things (IoT) is one of them. A combination of smart contracts and IoT is powerful and can enable significant transformations across industries, paving the way for new distributed applications.
Project Oaken is proving that. Oaken provides autonomous IoT hardware and software coupled with blockchain technology. Altogether, these components make it possible to use Oaknen with nearly any device to build an IoT network and therefore apply it to various real-life needs.