Smart contracts to get worldwide adoption very soon

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Smart contracts will be a massive enabler for companies who have to do business internationally – paving the way for more accessible value chain relationships worldwide. One of the most talked about potential applications is international payments on behalf of individuals or small businesses who lack access to accounts with banks that transact in their currency or country. While the general public is still learning about the benefits of smart contracts, more sophisticated companies are already experimenting with these contracts.

But what does the future look like for these contracts?

Smart Contracts will go mainstream very soon in the following industries: Finance, Healthcare, Utilities & Infrastructure, Transportation, Travel & Expedia, Public Sector, and others. Smart contract adoption will vary by industry within as little as one year. The door is now open for intelligent contract implementation by enterprises and their respective business verticals.

Intelligent contracts will go mainstream in the next 24 months.

Smart contracts are the next phase of code on the blockchain, which takes over a specific part of an agreement to make sure that it will be automatically upheld. In short, a standard procedure/formal contract is coded in a particular protocol/platform (for example, Ethereum) and can be easily accessed by anyone who has access to this platform. The Smart Contract operates according to the same set of rules pre-programmed in advance by the parties involved in the agreement. Let’s discuss the use of smart contracts in different industries.

1. Healthcare:

In the healthcare industry, smart contracts will increase significantly within one year. It will be beneficial as it makes payments and reimbursements easier, faster, and more secure. It also ensures that provider facilities meet all required standards upon inspection during a new patient check-up. The possibilities in this industry are endless to reduce medical errors, fraud, bad medical practices, etc.

2. Finance:

In finance, smart contracts will affect America’s banking system profoundly within one year of their implementation because of what they can offer both small and large corporations.

3. Transportation:

In the transportation industry, smart contracts can significantly alter how goods are transported and sold more efficiently and economically. Smart contracts can ensure that goods reach their destination safely, evenly, and on time. An example would be when one arrives at a fork in the road; they know which one to go down because it was pre-programmed into the contract before they left home or work.

4. Travel & Expedia:

Innovative contract technology has already been applied by Travel & Expedia, where employees have access to their paychecks within 5 minutes of arriving at their destination instead of waiting for days for other departments to process them. Furthermore, employees know the exact trip cost in real time via a smartphone app before they check into their hotel or rental car. Once the team member is finished with their trip, they have access to all the information and documentation they need to file claims correctly. Using an integrated app, they can track their expenses based on receipts and airline tickets.

5. Public Sector:

Smart contracts are also meant for open record systems as part of an audit trail or compliance process, which will be very important in healthcare, finance, and transportation. They’ll also be helpful for public sector contracts like building and infrastructure projects, package delivery, and scientific testing.

6. Others:

In other industries, such as music, art, gaming, law, etc., smart contracts are already being used to deal with large amounts of data and ensure royalties or licensing rights go to the right people at the right time. Tracking and managing copyrights have never been more accessible or transparent. The following intelligent contract applications are already in use.

People can use smart contracts to issue and enforce securities from an organization or individual so that users can make payments if the desired event occurs. One of the most significant benefits of smart contract implementation is the removal of middlemen, resulting in greater efficiency and lower costs for all involved.

Elements such as DNS records and payment instruments can easily be tracked by people using smart contracts on a Blockchain platform to ensure there are no issues with the information either before, during, or after its issuance. It makes resolving problems and validating transactions much easier without relying on third-party services.

How smart contracts will affect businesses in the future:

In short, smart contracts will bring about an entirely new era of business. They will make it easier and safer for companies to do business and interact with their partners in a completely streamlined process.

International payments

With smart contracts and international payments, anyone with access to computers and the internet can instantly send money anywhere in the world. They’ll know what they purchased, when, where, and who made it, etc. In addition, international payments cut out more costly banking and wire transfer fees. Some banks charge foreign transaction fees up to 4% or more for small purchases like a few dollars that take less than two weeks to clear.

 

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