Blockchain smart contracts use-cases & Real Life examples
The best thing about the blockchain is that the technology uses decentralized hyper ledger that can leave out all the middleman in the system which exists now. You may have a question that what is Blockchain smart contracts? And it's use-cases. Let us get into that.
Smart contracts in an insurance policy
The major present issue in this medical sector is that the insurance claiming can take weeks or even a long time to be paid. The procedure is still exceptionally manual and requires a substantial level of human activity. This signifies plenty of regulatory costs, which result in higher premiums for clients.
Insurance agencies can robotize this claiming process by keeping in touch with them into a smart contract.
When the natural disaster is happening, for instance in case of a calamitous catastrophic event, the smart contract procedure is activated promptly.
How does it work?
Quantifiable parameters of the disaster occasion, for example, wind speed, an area of a sea tempest or extent of tremor can be recorded onto the blockchain. Variable with the multifaceted nature of the smart contract, as the parameters cross certain pre-concurred edges, the insurance claiming procedure is activated promptly and the correct measure of money related payout can be conveyed without the requirement for human-driven mediation.
Not exclusively does the smart contract lessen the managerial expenses related with satisfying such arrangements; however, straightforwardness and trust in the process are obvious to all partners and every single administrative body involved.
Other than that, these are the areas where the smart contract can be applicable,
To ensure the originality of the copyright product or services. The smart contract is enabling customers to know that the specific product they are buying is an original one. It can be processed by the blockchain technology which stores the authenticity of the product in the network and accesses the information of the products when it is needed.
The contract can be executed in property rights. For example, if you are a music artist, you want to be paid directly without middleman means the contract is created with a definite set of rules. When the rules or compensations like money is given for your music, the contract is activated and the music is delivered to the user. In that way, you can protect your own work using smart contracts. No one can access the property without your permission.
Various real-life applications are using blockchain smart contracts to empower their business in an automated way. If you are in a need to build a smart contract based application, contact our experts' team. They will guide you to build a secured application in the various industry like supply chain management, product tracking, payments, stock trading, digital identity, medical research, mortgage etc.
All of the real world applications have come true with the inventions of blockchain technology. Be a part of digital and empower the business.
Mobile: +91 9791703519
Blockchain Development Company
Mar 15, 2019 01:03 PM
Equity Token Offering : Development Services, Consultation here.
Mar 14, 2019 01:03 PM
Future of Blockchain in Healthcare
Mar 11, 2019 03:03 PM
Blockchain Solutions - Enterprises, Supplychain, Healthcare
Mar 06, 2019 06:03 PM
Hire Blockchain Developers
Mar 05, 2019 01:03 PM
- ETO Development
- Hire Blockchain Developers
- Hire Resources
- Hire Digital Marketers
- STO Development
- Crypto Exchange Clone Script
- Decentralized Exchange Script
- Altcoin Exchange Script
- Cryptocurrency Liquidity API
- Bitcoin Exchange Platform
- Bitcoin Exchange Marketplace
- Bitcoin Market
- Bitcoin Trading
- Bitcoin Business Startup
- Bitcoin Wallet
- Bitcoin Exchange
- Bitcoin Exchange Script
- bitcoin escrow
- Bitcoin Trading Script
- cryptocurrency exchange software
- Cryptocurrency Local Trading Script
- bitcoin exchange software
- Bitcoin Trading Business Software
- bitcoin trading software
- Cryptocurrency Trading Software
- Ethereum Exchange Software
- Smart Contracts
- Cryptocurrency Tokens
- Bitcoin Exchange Solution
- Bitcoin Merchant API Solutions
- Merchant Payment Gateway API
- bitcoin trading solutions
- Digital Asset Exchange Software
- Blockchain 2.0 Solutions
- Bitcoin Wallet Service & Mobile Application
- Bitcoin Security Solution
- Ethereum Exchange Solution
- Cryptocurrency Trading Bot
- Cryptocurrency Wallet Services
- Cryptocurrency Exchange Global Payment
- Cryptocurrency Exchange Solution
- Cryptocurrency Trading Order Types
- Digital Token
- Blockchain Technology
- Local Bitcoin Script
- Bitcoin Whitelabel Software
- Cryptocurrency Exchange Script
- Bitcoin Escrow Script
- Cryptocurrency Trading Script
- Bitcoin Prediction 2017
- Cryptocurrency Wallet
- Bitcoin Trading Business
- Bitcoin Exchange Business Script
- Ethereum Exchange Script