In its relative infancy, you might have found it difficult to source information about Blockchain that separates it from cryptocurrency- and while the two are historically enmeshed, they can and should be separated, especially when we discuss the giant blockchain-based leaps involved with Smart Contracts as a concept.
Smart Contract tech is extremely complicated. It’s an instantaneous and constant record which is linked as a web and made secure by cryptography. Think of it as an ongoing chain that records a set of actions relevant to a product or a service. Imagine that each link is chronologically recorded with all activity as it occurs, and that it cannot be separated from the previous or subsequent blocks by any means (eg, hacking), and that each link holds a date and timestamp that can never be altered. There you have it: The ideal technology for maintaining 100% accountability across multiple major sectors.
Knowing this, the colossal popularity of cryptocurrency is easier to understand, but as major international corporations are leaning into the mass of unmatched benefits that Smart Contracts offer, we’ll hear more about the sectors of global business considering a total reform, and thankfully, a lot less about the impact it stands to make as a kind of new age currency.
Because this tech minimizes the need for services we’ve previously relied on humans to deliver, and especially because it can’t be fudged, the value of Smart Contracts vastly overshadows any capital cryptocurrency stands to make.
We’ll discuss a few key sectors set to undergo radical developments – because a) Smart Contract tech really works and b) top cats have realized that seismic potential:
Stamping out Election Fraud
We’re becoming far more aware of the voting system as a corruptible process. Identifying areas for improvement immediately highlights voter identity, vote tallying and record management as areas requiring far greater security before, during and after the election process.
So how could these contracts ensure a safe, accurate- incorruptible voting process down the line? To start with, the tech removes the need for human intervention in these processes – where smart contracts have no agenda, this is a benefit that speaks for itself. We’re already seeing evidence of this adoption in several startups initiating a blockchain based solution for voters.
Logistics and Global Shipping Trackability
The shipping industry is hyper-exposed to vast volumes of paper documents- bundles of information that are as complex and complicated as they are abundant. In an industry based on advanced trading networks, it’s a dysfunctional and time-consuming necessity at best. And it has to go.
Smart Contracts, of course, stand to revolutionise the endless paper-trail involved in the supply chain, with industry giant Maersk establishing a venture with IBM to incorporate Smart Contract tech into their global trade conduct.
Real Estate Transparency
Property purchasing and selling is generally a shrouded, pain-generating process. It is an industry prone to public record errors, with limited ability to prevent fraudulent process.
The introduction of Smart Contracts offers buyers and sellers a figurative olive branch in an industry known for poor efficiency and problematic recordkeeping. We expect that Smart Contracts initiated will deal specifically to counter associated problems featured in mortgage, financial and title companies, streamlining said processes and significantly limiting space for human error.
Although at this point although it is still unlikely that Smart Contracts are a part of your life, it’s certainly something to expect on the horizon. Give it a timeframe of 2- 5 years before we start seeing the tech adapted into mainstream business. Again, where cryptocurrency and blockchain can’t be separated entirely, we’re definitely going to see a rise in corporation taking on the tech as a timesaving, security ensuring revolution.
Want to talk to a leading team about Blockchain integration and how it can translate to your sector? Speak with our team of experts today.