Five Exciting Uses of Smart Contracts Beyond Finance
The technologies that power cryptocurrencies can benefit any industry. Over the next four years, the blockchain market is expected to grow by 67.3%!
14:31 02 November 2021
The technologies that power cryptocurrencies can benefit any industry. Over the next four years, the blockchain market is expected to grow by 67.3% annually! The decentralized nature of smart contracts provides autonomy, security, speed, and other benefits. Their use is not limited to finance, as the following examples show!
One of the biggest challenges for gambling vendors, according to realcanadianslots, is transparency. Now, all transactions may be recorded on the blockchain ledger, and games may be configured to be provably fair. Digital tokens let users benefit from instant payouts without sharing sensitive banking information. It is also possible to program regulatory compliance — for example, by setting betting limits for specific countries.
FunFair is a white-label blockchain platform for casinos based on the Ethereum blockchain. It uses the ERC-20 FUN token as the native currency. As funds are managed by smart contracts, the vendor does not take custody of user stakes or operator profits.
2. Healthcare Records
Smart contracts streamline record keeping in any industry, but healthcare is now in the spotlight. For instance, BurstIQ, a healthcare provider in Colorado, transfers sensitive medical information between patients and doctors using big data contracts that contain sharing parameters.
Medical computer systems store hundreds of millions of patient records. Vulnerability to cyber attacks is still an issue despite the massive investment in security. Thanks to blockchain, it is now possible to encrypt the databases and prevent unauthorized access through the use of a private key.
3. Real Estate
Smart contracts may be used to record information about property ownership, which is faster and more efficient than the existing systems. These records may apply to different types of property in general, from buildings to watches. In the housing market, the new technologies can remove the need for costly legal services or the assistance of housing brokers. Sellers can handle their transactions by themselves.
Smart contracts can solve the biggest problems of the industry — the distribution of royalties and copyright infringement. Creators can protect their intellectual property in a better way, and get paid fairly based on accurate data on streams and purchases. For example, Mediachain, a company acquired by Spotify in 2017, is a decentralized system for artists. Payments are based on smart contracts, in full and on time.
Voting fraud has always been an issue. Fraudsters find ways to manipulate systems costing millions of dollars. Smart contracts could be the ideal solution, simple and cost-effective.
It is impossible to alter any blocks within the blockchain, which solves the manipulation problem. Such systems could validate the identity of every voter and record their vote. This data could then be used to initiate an action.
To Sum Up
These are only some of the many applications. Smart contracts enhance trust, security and accuracy in industries from finance to journalism to logistics. In the next few years, we can expect more use cases, as blockchain can change the world for the better.