Healthcare, supply chain and financial services already rely on Smart Contracts
Smart contracts are built using Blockchain technology and allow you to automate ownership, payment, dividends and authentication. They work as a coded paper contract, with predefined conditions that cause an action to occur when these conditions are met. Essentially, they automate your contract, cutting out the need for human interaction. Smart contracts are essential for Blockchain applications, ICOs and NFT projects. Ensuring smart contracts are written to the Etherscan network will allow for backers to support your project with confidence.
Benefits of smart contracts
Smart Contracts are built using blockchain technology. They work as a coded paper contract, with predefined conditions that cause an action to occur when these conditions are met.
Takes 1-3 days to execute Manual Remittance (human error) Escrow necessary Expensive (not sustainable) Physical Presence Lawyers are necessary (can be expensive)
Executes in minutes Automatic Remittance Escrow may not be necessary Fraction of the cost Virtual Presence (Digital Signature) Lawyers may not be necessary
HOW CAN I USE A SMART CONTRACT?
Traditionally individuals or institutions such as banks and solicitors were required to facilitate legally binding contracts and charge mark-ups for their services. Smart contracts allow individuals to bypass these costly and often slow middlemen and agree on a contract directly. We use smart contract technology to build business systems and utilisation strategies for clients.
Blockchain technology can revolutionise the way we store and manage our health and financial records, and not just because it improves security. The blockchain smart contract uses cases also include issuing prescriptions, storing receipts, general stock management, storing test results, much faster than we've been able to. We've all had problems with test result times.
A smart contract can confirm whether or not a claim is valid and pay out the correct amount. This would help to eliminate processing costs and reduce lead times. Fraudulent claims can also be reduced by implementing a smart contract that cannot only triggers fraud detection algorithms making this technology an invaluable tool for insurers.
In Mortgage and Voting systems, smart contracts can be used to cut out the middleman in these transactions. This technology can stand in for a traditional agent. Since information and authorisation are automatically encrypted in favour of the owner and investor, any necessary paperwork is secured and facilitated by this process.