Here’s where blockchain can replace the notary, accountants, and legal practitioners. In an offline world to get the contact, you need to hire a lawyer, who will help to prepare all the documents about you, your mother, your little dog, and the pen you are writing with, and this guy who once worked in the building near you… (hi, bureaucracy!). The manual remittance, 2-3 days of waiting, long confirmation process and tons of paper. Also, what are the chances all parties will act as it is written in the contract? With the right amount of money laws can be dodged (hi, corruption!).
You cannot bribe blockchain. Smart contracts are secure. To conclude it with a company you will have to wait several minutes. The remittance will be automatic, as soon as the system checks all the requirements and conditions, confirming their validity. With a smart contract, you can fire your lawyer. It automatically detects if all the conditions are met and decides whether the asset goes to another person, stays with you or gets a full refund. Contracts provide business logic to the blockchain.
The advantages of using it for your product:
- Automatization. All the requirements for the deal are written as a coding algorithm;
- Speed. The code immediately checks all the information about the actions or violations;
- Directness. No banks, lawyers or notaries in between the process of making the contract and maintaining it;
- Saving money, for there are no additional fees, no paying for services;
- Transparency. All the info about actions will be available in the blocks that are extremely hard to hack.
Where are smart contracts implemented today?
Logistics and supply chains. Maersk and IMB introduced a new type of shipping solution called TradeLens. It unites almost 100 different companies and organizations and creates a unified concept of secure transportation. Some of the biggest causes of logistics delays are problems with documentation, failures in packing supply, informational delays and so on. Blockchain solves most of these problems.
Medicine. Hash Health serves the medical business by allowing doctors/pharmacists/federals to conduct contracts with each other and reduce the usual administrative burden. Another of their products compares the prices and quality of health maintenance products so the consumers can shop more efficiently. Also, Hash Health provides a database for medical workers with info about their credentials.
Gambling and lotteries. FunFair created a gaming space based on blockchain. They promise a world of honest casino and fair results. Also, they provide game developers with the possibility to make their games fairer.
Personal data security. Sum&Substance provides the possibility to verify your identity when you use online services. It also helps to reduce fraud on the Internet because as soon as you find any paid service and want to use it, the system checks their documentation on validity.
Art and music. Ascribe collects digitally based artworks and allows artists to create licenses. The works of digital artists are easy to copy without the loss of quality. So Ascribe provides them with the possibility to have copyright protection.
Internet of things. Robonomics allows building trust between the robotic services and the users of it, allowing them to track the processes.