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which sectors are betting on Smart Contracts?

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This is a question we would never have thought of asking had it not been for the arrival of blockchain technology 10 years ago. The idea was born in one mind, but it has spread to an entire society that is fighting to improve its work systems, its security, its tasks. That is why we have chosen this day to tell you which sectors are betting heavily on Smart Contracts, with real examples and the excitement that accompanies us.

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5 sectors betting big on Smart Contracts

Say goodbye to intermediaries and welcome to autonomy and automation. Smart contract SCRIPTS speak the language of programming, but today we want to translate their functionalities into the different sectors. Here they go:

  1. FINANCIAL SECTOR. The tax and banking sphere was the first to feel the arrival of blockchain up close, and it did so through bitcoin. This cryptocurrency pushed the button of change, offering a new decentralised system to carry out transactions instantly to anywhere in the world.
  2. HEALTH SECTOR. And not only from the application in the management of patient data and the creation of our own medical history, but also in the connection to prostheses and smart pacemakers, capable of saving lives. How does it do it? As Izertis says, "from the monitoring of a person's pulse or pressure, any identification of deviations can be reported, thus managing to prevent and act in advance". The controlled and unique clinical history of any health centre serves as an example.
  3. SUPPLY CHAIN: Smart contract technology can ensure that the agents involved in the supply chain work on the record and guarantee the maximum quality of products, from the moment they are generated until they are consumed, for example, the raw materials used in a shoe factory.
  4. INSURANCE SECTOR: This intelligence can create Smart Contracts so that insurance policies are self-executed when the conditions set in their programming are met. Moreover, some experts speak of reducing the cost of car insurance by 13-15%.
  5. PHARMACEUTICAL SECTOR: To give greater security to medicines, from the moment they are created until they are consumed. With blockchain, each of their steps and processes can be verified, as well as leaving them registered without them being able to be altered.
  6. INTERNET OF THINGS (IOT) SECTOR: Smart homes are no longer science fiction, and the internet of things is already making use of smart contracts to make our tasks much more automatic and reliable.

In short, smart contracts are a revolution that provides greater security.

what advantages do these sectors gain from Smart Contracts?

The first great advantage that we can obtain from Smart Contracts is real-time updating, increasing the speed of commercial processes. The next direct advantage comes from the reduction of execution risk. Goodbye to possible manipulation, non-compliance or error. Not to mention precision, a benefit that comes from the automation and accuracy of the chain. And finally, the reduction in costs. There are no more intermediaries, no more paying third parties to verify or make the contract. These are face-to-face relationships.

Smart contract technology is becoming increasingly attractive to businesses, but very few have made a real commitment to it.

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