Smart contracts have played a role in Web 3.0, its decentralized nature makes them compatible with Web 3.0 itself. A smart contract is simply an agreement that is carried out virtually which is then coded as a computer protocol.
The code cannot be changed by any party, including those involved in agreements that have been made through smart contracts. The self-executing nature of smart contracts is what makes them a powerful weapon or tool for various applications in any business area.
A large number of requests from various businesses for smart contracts makes many offers from smart contract development companies. We offer solutions to any industry problem with smart contract-based Ethereum and Binance.
If you are just planning to build a business with smart contacts, it’s a good idea to see some examples of the application of smart contracts in various business sectors below.
Smart Contracts in Various Lines of Business
1. Smart contract and healthcare
Improving the quality as well as the efficiency of healthcare services is one of the businesses you can build. Through smart contracts you can maintain your patient’s personal care records, smart contracts also make it easier to share data between hospitals, patients, or medical care centers.
In addition, smart contracts can also be used for management activities at the partition center. Starting from the management of patient test results, drug supervision, as well as management of supply services for health center needs.
Several healthcare companies that already use smart contracts include Simplyvital health, Hashed Health, MIT Media Lab About, and many more.
2. Smart contract and Real Estate
In the real estate sector, smart contracts can reduce paperwork and financial costs. The way smart contacts work in this field is by simplifying the transaction process, such as eliminating unnecessary intermediaries and of course helping the main party to reduce costs. Other applications apply to key property transaction areas such as leasing, buying, and selling.
In essence, developing smart contracts for the real estate business provides an efficient workflow while maintaining reliability. Smart contracts, it is also able to provide a more transparent and visible business experience.
Examples of real estate harnessing smart contract companies are Rentberry, Leaseum Partners, Slice, 16Bennett, as well as other companies.
3. Logistics with Smart Contract
There are several challenges experienced by businesses in the logistics sector, namely low data transparency, high operational costs, delivery data that is difficult to track, processes that are too complicated, too many intermediaries, inaccurate data, and other problems.
The smart contract comes with solutions to these challenges. The main advantages that can be highlighted from the application of smart contracts in the field of logistics are gaining a competitive advantage and reducing costs.
With smart contracts, businesses in this line enable detailed product flow tracking, both from store to customer and from manufacturer to store. In addition, smart contracts are also able to simplify the tracking process and provide real-time visibility for the entire supply chain. Thus, making the logistics business more reliable.
FedEx, Maersk, XPOLogistics, and Shipchain are examples of several logistics companies that have utilized smart contracts.
4. Smart Contract Solutions for Challenges in the Insurance Business
If you see a lot of problems or maybe you as a businessman see it as an opportunity in the logistics sector, in fact, the insurance business is no less. Let’s mention one by one the challenges that exist, namely the inefficient exchange of information, the vulnerability of fraud in this industry, the number of intermediaries, manual claim management, relatively complex risks, and other problems.
Through smart contracts, you can transform your company by providing transparency and building the trust of your customers. We can solve your problem. You can develop a smart contract capable of performing error checking, routing, and payment calculations based on claim information stored in the smart contract. In addition, payments can also be made automatically.
5. Automotive harnessing Smart Contract
Like other industries, the automotive industry is also facing rapid changes in consumer technology. Consumers are getting smarter and increasingly demanding satisfaction from their problems. This is where the role of smart contracts comes to provide solutions.
In the automotive industry, insurance procedures can be used on smart contracts. There is a renewal by personalizing the contract and also including real vehicle performance information. Smart contracts are also capable of automating the collection of insurance payments, and payments after insurance claims.
Large companies such as Porsche, BMW, Mercedes, and Toyota have also taken advantage of smart contracts.
The several examples of business lines above illustrate that smart contracts do have an important role in providing solutions to current challenges or problems. If you still haven’t found the right reasons why you need smart contracts in your business, maybe the paragraphs below can convince you.
Why Does My Business Needs Smart Contract?
The application of smart contracts in your business can provide various advantages which are the reasons why you need smart contracts in your business, including:
Switching to smart contracts means that you have eliminated the need for the involvement of several intermediaries in running your business, and you can also increase the efficiency of your business processes without a third party.
The transparency that smart contracts sell massively is sure to be able to ensure that your business is more promising in terms of transactions and verification in the eyes of your customers. So, it’s not a reason that building customer trust is difficult.
3. Financial Savings
By using smart contract technology, of course, your company reduces the processing of business operations by humans which absolutely reduces human error, reduces risk, and also costs.
You don’t need to worry that your business will lose all of its data and documents. A smart contract on a blockchain basis means duplicating documents, distributing them, and also securing them.
5. Accuracy and Speed
Recording, storing, and retrieving with the help of smart contracts automatically eliminates the possibility of human negligence, thus making it more accurate, fast, and efficient.
This time you may be absolutely sure that you must immediately apply smart contracts to your business. Once again, we will make you more confident with the two things that we will discuss below.
First, according to a crypto researcher, Electric Capital Engineer ‘Emre, he has explored the smart contract ecosystem on Ethereum and managed to find a finding, that until in the middle of 2022 there have been more than 44 million smart contracts used on Ethereum. This proves how crazy the market interest in smart contracts is.
The second thing is that you don’t need to be bothered by the many smart contract developer service providers that offer their services. Get in touch with us now and discover the many advantages we offer. You can employ fixed bids in packages or one team or even an extended team by recruiting only individuals.
We are ready to discuss further with you and realize smart contracts for your business.