About Smart Contracts
Smart contracts are codes that define a set of rules. These codes are deployed on the blockchain. It negotiates, enforces, or at times enforces actions when the given rules are met. However, this is not the end. Smart contracts have unique characteristics as they are built on the blockchain platform.
As mentioned earlier, smart contract codes if deployed on the blockchain can never be changed at any cost. It can not be edited, modified or redone for any reason.
Hence, checking the smart contracts once before they are deployed on the blockchain is very important. This process is called smart contract auditing. Now let’s see the use cases of smart contracts in different sectors.
Smart Contracts in Real Estate
If you have to buy a property in a nation which is not your native (or you reside currently), then you may have to travel multiple times carrying all the documents.
The risk of losing the document hard copies or the money that you are carrying is high. Also, considering the travel expenses, you will have to lose a lot of money even if you try saving.
With smart contracts, it is sufficient if you submit all the documents on the blockchain. The person on the other side will upload necessary documents that mention about the property transfer, and the job is done.
Smart Contracts in Banking
Now that we know sending and receiving important data across borders is not a big deal, let’s discover other benefits that smart contracts can give the banking sector.
Easy loan sanctions is an important matter to talk about while considering the advantages. With a blockchain smart contract portal that stores all the income data of individuals, the banks can easily filter people eligible for a loan.
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