A smart contract or a digital contract is coded in with predetermined conditions that it executes automatically on their fulfillment. Some of the major smart contract applications are:
Healthcare is an important sector and should operate effectively. Smart contracts can securely store sensitive data - patients’ medical records, drug prescriptions, and more.
Real Estate can work more efficiently with smart contracts. The purchase and sale of property can take place instantly with these automated contracts.
Voting can be transformed with blockchain, creating an ethical and secure system. Smart contracts can store identities and prevent malpractices in voting.
Insurance claims can sometimes take long periods of time. Smart contracts, by automating processes and reducing costs involved can allow a more effective system to exist.
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Topic: Smart contracts and their applications in business (Read 101 times)