Contracts are integral to official agreements but the sheer volume and complexity of traditional contracts can be overwhelming, involving high administrative costs, dependent on a third party system and often outright confusion. As processes are increasingly automated, it has become necessary to find a way to make reliable digital business agreements. Smart contracts are a computerised protocol which stores and carries out contractual clauses via blockchain.
Health records on blockchain when used with smart contracts offer real time policy claims settlement.
Smart contracts on blockchain can be used to share rides on manual & self-driving vehicles.
Blockchain and smart contracts can be used to settle financial transactions autonomously and removes the need of intermediaries.
Smart Contracts not only disrupt the centralized trust with distributed trust model it enhances user experience by reducing process timing at lesser operational costs.
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