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10 examples of smart contracts on blockchain


1. Improve a digital advertising campaign

Smart contracts can potentially help advertisers and publishers build strong relationships. A smart contract can include conditions that a publisher achieves predetermined targets. When an oracle confirms that the publishers have done what they were supposed to, the smart contract triggers a payment to them. For example, a clause could stipulate that a social media account with many followers must promote a discount code. After 100 legitimate purchases using the code, the owner of that social media account receives payment. In addition, smart contracts could eliminate problems, preventing deceptive tactics like pixel stuffing or publishers from overstating the impressions received with a particular ad.

2. Build the best customer experience

Smart contracts can cultivate a stronger B2C relationship in real time. For example, a shoe brand partnering with a streaming music service offers complimentary subscription time if the consumer creates a playlist to listen to while jogging. A smart contract sends the customer an offer for a discount on new shoes or suggests songs with a similar tempo to add to the playlist. It could boost customer expectations by supporting runners who enjoy listening to music and tracking their fitness.

3. Fill the void in entertainment consumption

Blockchain could improve how consumers interact with their preferred entertainment choices. For example, nonfungible tokens, commonly known as NFTs, authenticate digital asset ownership. A smart contract can streamline the buying, selling and trading of NFTs. Furthermore, there is interest in using smart contracts to pay independent creators such as authors, musicians and filmmakers. This automation removes the need for intermediaries to process royalty payments.

4. Eliminate the go-between in financial transactions

Blockchain technology has brought attention to decentralized finance. It is most associated with peer-to-peer (P2P) cryptocurrency transactions like bitcoin and ethereum. Digital currency using a smart contract could reduce the time and cost of settling these transactions. In addition, smart contracts show promise in automating manual banking processes traditionally performed by a financial institution, such as evaluating loan eligibility, processing claims and implementing regulatory compliance.

5. Enhance the healthcare communication pipeline

Clear communication is critical for both insurers and patients. Storing a patient's chart on the blockchain could potentially cut down on paperwork processing, improve regulatory compliance and supply straightforward information sharing between providers. For instance, a patient requires a specific medical procedure. A prior authorization request triggers a smart contract by digitally reviewing insurance coverage and releasing payment to the overseeing facility.

6. Maximize productivity for human resources

There is an opportunity to automate an HR manager's workflow using distributed ledger technology. For example, an HR employee must confirm employment history and perform reference checks. A smart contract could ease onboarding new employees by simplifying these verification tasks. In addition, blockchain could automate responsibilities such as enforcing employee contract terms and penalties and paycheck processing.

7. Boost security for identity and access management

IT leaders must protect users' digital identities on their systems. Paperwork done to process identity requests manually is not timely enough in a digitally dependent world. Persistent threats like data breaches show the need for alternative options. Authenticating a user via a smart contract could augment or replace conventional identity management procedures.

8. Elevate relationships in the insurance industry

Insurers and policyholders engage in countless multifaceted interactions. Some existing roadblocks to a strong insurer and policyholder relationship include the complex verbiage of insurers' policies and fraudulent claim submissions by policyholders. The use of smart contracts could improve efficiency around sending claims, a policyholder switching insurance companies or cooperation between insurance companies. Also, insurers could detect malicious actions early through the smart contract code.

9. Optimize supply chain management

Certain areas of supply chain management may particularly benefit from enterprise blockchain. Smart contracts could increase the traceability of products and materials. For example, certain blockchain software could track an item's origins as it moves between international supply chains, calculating tariffs immediately. But some organizations are exploring smart contracts on blockchain too. In those cases, blockchain has the potential to improve efficiency and minimize errors.

10. Efficient distribution of utilities

The opportunity to use blockchain technology in the energy industry is growing. For example, it could automate electricity delivery from an energy company to a consumer. Executing smart contracts could streamline energy trading by connecting smaller energy producers. A smart contract could also certify renewable energy sources. Blockchain's ability to process and record transactions permanently make implementation promising.

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