Applications of smart contracts

Smart contracts being the present favorable help to transact securely is now a topic for discussion.

Have you heard of its applications in other sectors? I bet you haven’t.

In this piece, we would check smart contracts’ applications and how they have improved our daily life. Smart contracts are found useful in these fields stated below;

• Voting systems

A major electoral concern in Nigeria is Voter fraud which is illegal interference with the process of an election. Electoral officers are being instigated by corrupt politicians to do this because they have total control of the ballot boxes.

Why not picture being at gunpoint and all you have to do is obey? This is exactly what smart contracts do to the voting systems, ensuring free and fair elections. A smart contract-enabled secure voting system safeguards their votes and in turn, reduces political apathy.

Another plus that attracts voters is not having to go through a manual verification process.

• Healthcare

There have been several cases of information breaches in the health system. Situations, whereby a patient’s details are leaked to untrusted sources and blackmailed, follow suit. However, there is a solution through the use of smart contracts.

Every confidential information of patients is secured using a private key that can be configured to encode their health data on the blockchain. This private key is only made accessible to concerned individuals and practitioners.

• Finance

Finances are secured and kept untampered through smart contracts. It enables an equal share of transactions and favors both parties involved. Unlike the traditional contracts which involve a third party, encourage identity theft and looting of funds.

No financial institution would want to put their reputation and the customer’s treasury on the line because of insecurity.

Smart contracts provide solutions to payment problems as they are transparent, secure, and inexpensive to maintain. In addition, they have a long lifespan and can be easily automated to suit whatever payment need process is in question, curbing the mismanagement of funds.

Several other applications of smart contracts are ;

• Security
• Supply chain
• Real estate
• Trade
• Tourism and travels

Smart contracts cover a wide range of sectors that affects our living standard and welfare.

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