In this era of digitalization, smart contract is revolutionizing the world with thousands of deals or transactions everyday. Smart contract is simply smart, but not same as the traditional method of contract on a piece of paper with the involvement of third party to sign the contract.
The Smart contract are the programmable codes that run on a public blockchain which is designed to facilitate, verify and carry out the agreements. These contract executes only when the clauses in the contract are met. This smart contract is applicable for all condition driven operations, thus it works for a variety of businesses.
Some of the real world applications of smartcontract involves,
1. Real estate industry - smartcontract takes a big part in real estate transactions. In this real estate sector, a smart contract is drawn between the seller and buyer that will transfer the property ownership to the buyer on receiving the valued amount.
2. Personal identity and security - Using smart contract one can hold and secure their own identification proofs digitally and can allow access for others according to their needs.
3. Supply chain - smartcontract can simplify the process of tracking packages as they move around the world. This contract can make the entire process more transparent.
4. Insurance - The biggest problem of insurance company is the lack of automated administration, which takes months for a insurance claim to be processed. Through smartcontract this problem can be simplified.
Thus smart contracts have a potential real world applications in wide range of industries.
If you’re thinking of implementing a smart contract for your business, hiring a reliable smart contract development team will helps you to carryout your complex process without stress.