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How Smart Contract Development can Impact Industries

  • 22 May 2019, Administrator
Smart Contract Development

Smart Contracts are a set of computer protocol that is specified in code anticipated to digitally enable, verify, or implement the performance of a contract. These contracts allocate the performance of reliable transactions without the need for 3rd parties. These transactions can be well tracked and are made irreversible with smart contract development. The term smart contracts and its theory were termed by Nick Szabo in the year 1996. However, it is only after ethereum project which is the 2nd highly known blockchain project popularised it that there is existent implementation being seen these days.

The key aspects of a contract can be coded on a blockchain and whenever these settings are met, the contract is performed and a permanent entry is recorded in the ledger on the blockchain. It executes like an escrow, let’s take an instance of how smart contracts would transform a transaction in a real estate industry.

The use of smart contacts in the real estate industry

In a real estate business set-up, it is observed that people have some or the other kind of disagreements as there is involvement of informal oral agreements. Also, buying and selling of property is most probably done offline and is a prolonged procedure having an engagement of middlemen. However, if this process is digitized and there is a wallet in the smart contract attached to the deal, it is unchanging and unalterable.

Here the trust-level is automated with all the property's information and engaged party details will be accessible on a secure blockchain that would most likely be preserved by a government authority. So, now anybody can buy and sell on this blockchain by building their Smart Contracts.

For instance, if I own a house with my brothers, we obtain a key to that property asset on the set blockchain. So, if we want to sell this property, we can create a smart contract to define that any of the buyers must initially deposit decided percent of the asset price and will then be enabled to view all the details of defined ownership which are confidential till then. And then they have fixed hours to fulfill the buying process by depositing the leftover amount. If they fall short to do that, their percent amount will be refunded and the property will be updated to sale all over again. If the sale goes through, the property owners, in this case, the brothers get their decided share of the token amount, and the blockchain will reorganize the ownership information.

These property records will be unalterable or irretrievable and concurrent to each other so that the subsequent buyer could view all the details with complete transparency. And all the preceding purchases will make sure that the dealing is clear and can be swiftly executed in the coming time.

The above process is the same even now without smart contract development. However, all of this incorporates an unnecessary amount of paperwork, the involvement of multiple middlemen, and a lot of time is exhausted in these procedures. 

Even the ownership papers are required to be confirmed manually through local land records and numerous signatures have to be done which can also be faked. Even though this was an undemanding instance, smart contracts could be coupled to diverse “rules” and a multifaceted governmental state of affairs can be executed by coding relatively to a lot of human intervention at all the levels.

The impact of smart contracts on other industries

Even the other industries would get assistance from the effectiveness of using a Smart Contract. It can be further utilized in the insurance industry for processing of required claims, in the banking sector to check or verify an individual’s credit rating and disbursement of different types of loans based on defined benchmarks and monitoring of EMIs. Further, it can be used in the medical domain to follow and verify the validity of medicines, even business inventories and production can be traced throughout their life cycle. From online voting to trailing the government investments, the utilization of Smart Contracts on a blockchain is next to boundless. 

The current and practical implementation of smart contracts

In the present scenario, there are very limited numbers of developers across the globe who can code Smart Contracts however with successful projects like ethereum that has the objective to deliver an infrastructure layer. It will turn out to be progressively easier to code these contracts and make Smart Contracts as omnipresent as email did in the process of the internet era. 

With the constant evolvement of the automation procedures, Blockchain aims to assist you in creating your own edition of a smart contract. As a smart contract development company, we will ensure that your transformation from the customary to the digital contract mode is easy and proficient at the same time.


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