in which sectors, in which companies, in which activities?
These questions could go on for a long time, but we want to narrow down and focus on the sectors that are applying this type of technology in their contracts to take advantage of the benefits of intelligence. Its up-to-date, precise, technological and immutable nature has turned it into an ideal alternative for streamlining processes in companies.
As you know, a contract is an agreement between two or more parties willing to comply with the established clauses. This is the fundamental objective of any contract, isn't it? However, we often waste too much time reviewing its information, its parts, its related documents, its additional clauses, etc., when what we want is a much more agile and quicker activity.
And not only do we waste time, but also space and security. That is why intelligence has landed in contracts, an initiative born from the possibilities of the blockchain. But where can we find them?
4 sectors where smart contracts are already being applied
Commonly known by their English name 'Smart contracts', they execute established agreements and have been a revolution for society, especially for those sectors that can directly benefit from the immutable, transparent and secure nature of blockchain technology.
Although the sectors we are going to mention below form the scenario in which this technology is being applied, smart contracts can be applied to practically everything.
Here are some of the current uses:
- Public sector. smart properties and voting. smart contracts make it possible to validate each of the voter's criteria and record their vote on the bockchain, especially when it comes to state votes or polls.
- Banking and financial sector: Settlement of transactions, micro-insurance, land registry escrow, coupon and bond payments, inheritance, automation of payments and donations, etc. In these financial transactions, smart contracts are making it possible to calculate amounts and transfer them automatically, monitor information external to the blockchain, perform automatic fund transfers, etc.
- Health sector: blockchain technology allows access to the population's health data for health research organisations or pharmaceuticals, grants access to medical records and allows health actions to be monitored. The blockchain allows the patient to be the owner of his or her own data.
- Energy sector: as the Ethereum portal points out, in autonomous charging stations for electric vehicles, "smart contracts process a deposit, enable the charging station and return the remaining funds upon completion".
have you tried the benefits of smart contracts in any of these sectors? Cost reduction, greater autonomy, trust, speed and security.
Making smart contracts: an alternative with a future
Thanks to the great advantages and possibilities that smart contracts bring with them, new types of business and entrepreneurship are emerging in society. To achieve this, two things are needed: clear ideas and exact knowledge. Nowadays, there are not many people with knowledge in programming and development, but the real gurus of this technology know everything about the legal field that circulates around them, their computer code, etc. You can ask us if you have any doubts..
how many times have you dreamt of making transactions, exchanges or any operation automatically? Without any effort. Without giving rise to error. Verifying their validity. Increasing security.
In short, smart contracts are a project, an alternative and a present solution with a great future.
