Fields and Examples of Smart Contract Applications

Leesw 승인 2023.05.26 19:49 의견 0

Smart contracts can be applied in various fields to provide significant benefits. Here are a few examples of how smart contracts can be utilized in different industries:

Finance: Using Ethereum's smart contract platform, it is possible to enable automatic execution based on smart contracts between transaction parties. This makes it suitable for peer-to-peer (P2P) centered contract systems. Particularly, industries with repetitive contracts in a standardized format, such as insurance, can be considered as examples of such applications.

Automated Business Processes: Smart contracts can enhance operational efficiency in businesses. While many companies already use workflow automation software, combining it with smart contracts can unlock the full potential. For instance, when one smart contract expires, the software can automatically create a new one or provide a notification to renegotiate the current contract.

Intellectual Property Rights: Blockchain-based smart contracts can manage ownership of intellectual property (IP), share transparent transaction information, and protect IP rights. Artists, for example, can use smart contracts to receive royalties automatically whenever an NFT or a copy of their artwork is sold.

Logistics and Supply Chain Management: In industries where product traceability and supply chain management are crucial, blockchain technology enables stakeholders such as producers, suppliers, operators, distributors, regulatory authorities, and consumers to access verified information. Automating record-keeping through smart contracts creates a reliable audit trail, making it easier to trace issues and provide transparency.

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