3 Ways You Can Use Smart Contracts

Smart Contracts have the ability to authenticate documents via the blockchain technology. The great thing about it is that it avoids relying on third-party systems and allows the process to be entirely automated. Here are some more practical uses they can offer:

1. Smart Contracts can improve the ability of secure record keeping. The blockchain technology behind it can make sure that all the personal information for example in health care, are secure and encrypted. The healthcare system contains millions of records on patients and it’s extremely important to be kept safe. Current storage places are highly vulnerable. The blockchain technology allows you to use a private key which means only a few people can have access to the data.
2. Smart Contracts can be used in property ownership. They can be used to record different types of properties much faster and much more efficient.
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   By using this technology, you won’t need to use expensive existing methods such as housing brokers, real estate agents, and lawyers. Also, the person who sells the property can do the entire transaction by himself.
3. A great relief for future buyers, smart contracts can be used when making mortgage transactions. The process is much more simple and faster. Once the mortgage is set between two parties, information on the ownership details are updated instantly with the use of a unique key authorization.

This technology is far extensive than only these 3 uses mentioned above, so make sure to check DC Forecasts every day for a new update on how smart contracts can be used.