Blockchain smart contract are decentralization and the data sets included in the contract that can not be changed. Blockchain intelligent contracts are secured by cryptography. Applications of smart contracts are many and some of them are:
1. Insurance policy
Today it takes a long period for an insurance claim after an accident or other insured event has occurred. This process is manual and increasing administrative costs. This can be reduced by automating the claims process, verification, and payment. Thus the customer can claim insurance shortly after the incident occurred. You can get more information about solidity smart contract development via various online resources.
2. Selling Property: Using a smart contract to buy and sell properties reduce audit costs. It also improves the efficiency of transactions and strengthen confidence in the system.
3. Digital Identity
Digital identities and assets such as personal data can be protected and shared to secure a contract believed to be more intelligent.
4. Personal Health Tracking
A Tracks patient health-related action automatically generates reports. It can share data to trusted channels and the same time protecting it from unauthorized access.
It validates criteria for voters, add sound to blockchain and develop results in accordance with the majority vote. Smart contract code and intelligent legal contracts, these are two terms that are often confused when talking about smart contract. Actually, smart contract can be classified into two types.