Smart contract use cases
In this section, we will be discussing how smart contracts as a technology can disrupt every aspect of society and its economy.
Figure 9.2 depicts 12 use cases for smart contracts:
Figure 9.2: Smart contract use cases
Insurance
Most of the insurance processes are disjointed by nature with many human interventions. Smart contracts along with the IoT can make self-aware decisions for automated insurance payouts.
It increases savings by reducing duplicated work in verifying reports and policies.
Trade finance
Smart contracts facilitate faster letters of credit and payment initiations, leading to streamlined international transfers. This increases the liquidity of assets, improves efficiency in creating contract agreements, and promotes faster approval of payments.
Derivatives
Smart contracts eliminate duplicate processes during a trading life cycle by streamlining post-trade processes. It supports real-time valuation of promotions, automated external event processing, and automated...
