Ethereum’s Smart Contracts Real Life Applications

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. They also allow a completely automated, easier process. Here are all the possible ways you can benefit from smart contracts. By using smart contracts, users can control all their personal data and reputation. Users are given the opportunity to choose whether to share this data with other parties, making the entire process much safer. Users won’t need to give away their identity when verifying transactions.

1. Banking

The financial sector including the banking sector as a subsector in the financial one can have huge benefits from the smart contracts. They can be used when taking mortgages, bonds, settlements, payments, and insurance.

2. ICOs

ICO token sales can be much more effective and efficient using smart contracts. This way they become more transparent and fair.

3. Digital Identity

With smart contracts, digital identities are much easier to be managed and with them, they can solve the most important problem of identity theft.

4. Record Keeping

This is possibly the best advantage that larger industries can have. Using smart contracts, industries can improve the speed and security of record keeping and shearing. One of the industries that might benefit the most is the healthcare one. The current healthcare system contains millions of patient medical record in their computers. Huge amounts of money are put into these systems to keep them up to date and running. The data is much more vulnerable on those systems and this is why there has to be an improvement done. Blockchain technology can help in storing the data safe and encrypted.