What is a Smart contract? What are the Real World examples Of Smart Contracts Applications?
Smart contracts are a set of predetermined conditions which get executed automatically when the conditionals are met. Smart contracts have great potential and can be used in various industries. Despite all the doubts, many enterprises have already implemented smart contracts. Let's take a quick look at smart contracts application in finance, healthcare, insurance, and real estate. Application Of Smart Contracts Finance Smart contracts will benefit the financial services industry as they see great value in this technology. Smart contracts are widely used in investment banking, and the faster processing times offered can cut loan processing cycles in half. This provides a superior customer experience and keeps customers happy with shorter turnaround times. A well-known advantage of smart contracts is the elimination of intermediaries, which reduces operational costs. Overall, it's a win-win situation for all parties involved. Health care Ultimately, patient records are the mos