Top 5 Sectors where Smart Contracts can be applied successfully

1. visit :www.sphinx-solution.com Call :+91-020-26434646 Top 5 Sectors where Smart Contracts can be appliedsuccessfully What are SmartContracts? Smart Contracts technology help you exchange money, property, shares oranything valuable inatransparentandhassle-freewaythattooavoidingtheinterventionofany third-party. Ethereumblockchainismainlyused to encodethissmartcontracts.Whileconducting onblockchainthiscontractbecomesaself-operatingprogramthatautomaticallyworkswhen specificconditionsaremet.Astheyrunoverblockchaintechnologywiththehelp ofEthereum,theygetallthebenefitandthussafe torun. Here are 5 best-known sectors which can use smart contracts for a successful business process. RealEstate: Thesellingorbuyingofproperties usually involvethird-partyinterventionalongwithalotof paperwork. There is a difficulty in controlling ongoing lease agreement, property operations and cash flow duetoinvolvementanddependenciesonlandlords,tenantandproperty managers,andother vendors. Smart contracts development can come into the scene which can make the agreement process easy even by managing time andsecurity.

2. SupplyChain: The supply chain is basically a system that enables the movement of productsand services from the manufacturer, suppliers to the customers. As it have multiple steps and business transactions the overall process and management is complex innature. Over here, Smart contracts fasten the flow, offering improved security and accuracy in a supply chain. It also helps with automated verification and execution that reduces the complexity of the process. Additionally, as it is a digital technology, therefore, it offers real- timeinformationofeachstep.Withend-to-endtransparency,ithasthepotentialtoefficiently enhance the tracking thereby reducing chances of negligence andfraud. Read more: Why should an Enterprise go for SmartContracts? Banking &Insurance Banks and insurance company are showing interest in blockchain and many of them have already started heavily investing in research and development. This industry is one of the oldestserviceindustriesoftheworld. Andthebiggestproblemis lackoftrustandmanaging the flow, identitymanagement. Smartcontractscanefficientlyeradicateallsuchproblemsandthat’swhyitis gettingalot ofattentionfromthisindustry.Thepolicyorloantermscanbewrittenasatransparentdigital code. It takes the old paper based process and legal formalities to the digital platform with improvedsecurity. Hospitality: Hospitality industry can also leverage the blockchain technology development as the smart contract is a dynamic idea that can cater to it needs. As we know, traditionally this industry is linked with different third party service providers and operators which sometime effects its efficiency,reliabilityandprofits.Smartcontractstechnologycanhelpoutwithsuchproblems. It can improve the travel services accessibility and also reducing the operational costs. Its application has minimized the human intervention making the travel industry more transparent. Moreover, ithas finish the annoying invoices, delayed payments and cash flow worries. Healthcare Smart contracts technology can successfully help the healthcare industry. It can make the healthcare easier and affordable. The technology allows the healthcare industry to digitize all its patients record to help them bring air tight security and anonymity. It not only assists to efficientlykeeprecordsofsupplies andmedicines,butalsoprovidesreal-timeinformationfor betterassessment.

3. Slowly, we will get to see more use cases of blockchain technology. The technology is growing anditis arighttimetoembracesmartcontracttoexperienceanamazinggrowth. Ifyouneedanytechnical assistance, getintouchwith us. USA :+1 732-947-4310 | UK : +964 0771 7777916 IRAQ : +964 0771 7777 916 | BRAZIL : +55 212258-7260 | Malaysia:+6017-2126274 | INDIA :+91-020-26434646 https://www.sphinx-solution.com Copyright© 2018 Sphinx Solutions Pvt Ltd. All rightsreserved.