Smart Contracts and Their Use Cases Across Industries

The digital world is really moving at a very rapid rate and gaining massive attention on a daily basic. In fact I can say we are not where we are many years ago when it comes to the digital space. So many things have changed and evolved and majorly it is thanks to the Blockchain technology. One of the example is the aspect of the smart contracts. Smart contracts is the basic foundation on which Blockchain technology operates and thrives on.

With smart contract, it helps to make sure that processes and transactions can really be automated because we have something called the self executing contracts. One of the things that smart contract helps to enhance is in the aspect of automation and productivity. Not only that, it also helps to increase the level of security. Today I will be talking about smart contracts not only in the Blockchain space but across a lot of sectors. Many of us have always think that smart contracts are limited to the Blockchain technology, no it is not like that. It is used in a lot of sectors.

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Let me start from the sector of finance. Smart contracts are been used in the financial sector because it helps to automate a lot of processes and transactions also. There are some transactions that takes place in the financial sector. Processes like negotiation and generally the aspect of loan or insurance processes. For many years, it has always been manually done with documents. Even though it was effective, but to an extent, it also have it's own limitations. But with smart contracts it is very much better.

With the smart contracts been used in the financial world, we now have something we call the Decentralised finance which has helped to bring a lot of development like lending, staking and many more. All of these are actually possible because of smart contracts.

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The other sector I will like to talk about is in the aspect of the health sector. In the health sector, we now have records and documents been automated and this has helped to enhance the efficient treatment of patients. Not only that, it has helped to offer security for the data and records of the patients. I talked about this in my last recent post. Also is the aspect of government and during election process. You will agree with me that there are actually a whole lot of them that we have smart contracts applications and it will just continue to get better and better as time goes on. I am so sure of that.