Smart contracts are a set of predetermined conditions which get executed automatically when the conditionals are met. Smart contracts have great potential and can be used in various industries. Despite all the doubts, many enterprises have already implemented smart contracts. Let's take a quick look at smart contracts application in finance, healthcare, insurance, and real estate.
Application Of Smart Contracts
Smart contracts will benefit the financial services industry as they see great value in this technology. Smart contracts are widely used in investment banking, and the faster processing times offered can cut loan processing cycles in half. This provides a superior customer experience and keeps customers happy with shorter turnaround times. A well-known advantage of smart contracts is the elimination of intermediaries, which reduces operational costs. Overall, it's a win-win situation for all parties involved.
Ultimately, patient records are the most valuable documents that need to be protected from cyberattacks by the healthcare industry. They are constantly working to improve security to protect electronic medical records and sensitive patient information. Smart contracts and blockchain can help keep medical records safe and accessible to a limited number of people. Additionally, prescription registration can be automated, reducing processing time and improving the patient experience.
A significant drawback in the insurance industry is long processing times and fraudulent claims. By integrating smart contracts, the insurance industry can significantly reduce spending, speed up processing times, and provide insurance claimers with a superior customer experience. If insurers can reduce operating costs, they can offer lower premiums to their customers and create a win-win situation for all.
Smart contracts acquire and transfer ownership in the real estate industry. Buyers are hesitant to transfer money before owning the property in their name. Similarly, sellers don't want to send money before they receive it. A series of third parties must be used to accomplish all the documentation work. The situation is not the same with smart contracts. It reduces processing time by eliminating intermediaries such as lawyers and other officials. A contract is formed only when the seller transfers the title, and the buyer delivers the money. Smart contracts make the entire process safe, transparent, and fast.
The above are some of the smart contract applications. Many industries have started to leverage smart contracts after knowing their potential. If you are an entrepreneur and are skeptical about introducing smart contracts in your business, it is the right time for you to do it. Get in touch with a smart contract development company and implement smart contracts in your businesses.