Technological advances keep improving our lives, from smaller (like wireless payments and online stores) to bigger aspects (medical innovations). So it comes as no surprise that the contract system will also get an upgrade in some form. That’s where Smart Contracts come in.
What Is a Smart Contract
A smart contract template is a computer protocol that can verify and enforce the contract, as well as overall make it easier to compose one. Basically, both sides use a specific program (or service) to help them to compose, sign, track and enforce the contract, cutting out the third side. Now both sides can see what the other one does, how everything works, and whether or not another side follows their agreements. It streamlines the process, makes it much quicker and reliable, as every step of the contract and every transaction is now tracked. Now, let’s look at some of Smart Contracts examples.
Examples of Smart Contracts in Everyday Life
Smart Contracts have found their use in many real-life scenarios. You can find them in banking, insurance, money transfers, authenticity verification, and some of the more unexpected industries, like digital art. Basically, you can see Smart Contracts applications in any field that requires a contract between two sides. And, given that we see various contracts all throughout our lives, there is a lot of space for expansion. Here are some Smart Contract use cases that you can find useful:
And we start out with a strong example right off the bat. Healthcare — not the first industry that comes to mind when you think about blockchain and contracts, isn’t it? But it makes sense, once you really consider it. After all, healthcare is one of the industries that suffer the most from the bloated bureaucracy. In addition to that, there is a strong need for privacy: patient’s records should be kept safely, but at the same time, they should contain all of the info on their health issues to better treat them.
Applicature develops blockchain and smart contract solutions that should if not fix, then at least improve upon the current healthcare situation. This allows patients to see all of their health-related data on the fly, while still keeping it secure. At the same time, doctors will be able to see and get transactions that much faster, with almost no red tape involved.
The second Smart Contract example on our list is Tracr — a logistics-based Smart Contracts case. It helps the diamond industry with its supply- and logistics-tracking, making it easier to tell heads from tails and generally lessening the mess.
Tracr was developed by DeBeers and allows to watch the following parameters: inconsistencies in the process (to lower the transportation and supply costs), tracking the production and transportation, authentication of the products, and noticing when diamonds are ‘lost’ in the system (as in they were produced but lack visibility in the chain).
All of that, of course, in addition to the overall increase in security. A good way to increase productivity and decrease logistics losses, isn’t it?
Another unexpected Smart Contract application is Inmusik. You can probably tell from the name alone that it has to do with the music industry. Said industry has long been plagued by uncertainties regarding the royalties, shadow deals about the ownership of the music, and just plain piracy.
Inmusik strives to fix that problem by providing smart contract templates. This can make it significantly easier to track who owns what and where cash should flow. When it gets implemented, royalties will always reach the person that should’ve got them. This way, artists will finally get what they should for their works and ‘starving artists’ trend, unless it is voluntary, should become a thing of the past.
The next Smart Contract use cases also relates to the art industry. This time, the Digital Art field. Ascribe is a Smart Contract platform that helps artists to secure and trace content that they produce. With its help, artists can find out whenever their art is published and if it was without their permission, they can claim a publication fee. Not only that, but it will also help to minimize fraud in the field, as it will be obvious who created the piece and who decided to steal it.
With that increased security, artists could profit more from their work, which would mean an increase in the quality and the quantity of produced content. Add to that the fact that the digital art sphere is booming, and you will see why smart contract development companies decided to enter the fray here.
And our final example of contracts in everyday life is Axa. Axa is a fly delay insurance provider. It is a good example of Etherium smart contracts, as it provides an automatic contract to its users. The client chooses what contract suits their needs the most, reads clear-worded terms, and signs it.
If something happens to the flight and it was delayed due to one of the factors covered in the agreement, the client gets an automatic reimbursement. No need to go to the insurance company and try to find out whether it would cover your expense, no delays in getting your money, and no wading through the legalese jungles. There was an incident that you covered in your insurance — you get the money. Simple as that.
As we can see from the aforementioned Smart Contract examples, the usage of this protocol is on the rise. Nowadays it covers many fields — from banking to healthcare to copyright and royalties issues to insurance. And why shouldn’t it? After all, it saves money, time, and nerves by helping with one of the more complicated fields of business.
And it even enforces itself and tracks whether or not the sides are in compliance! What’s not to like, indeed. With that, our little scoop ends and you can decide whether or not you want to become one of the Smart Contract companies out there.