If you have been following the Bitcoin and blockchain scene, you probably would’ve seen the term ‘Smart Contracts’ being thrown around quite often. Well, you might as well get used to that term because it is likely that smart contracts are going to persist in the future.
Your “I do’s” might soon change into ‘”I confirm”. The most important step up of your romantic life could actually be on blockchain. With already existing apps like Smart Vows, it is possible that your marriage license along with the prenuptial agreement (Prenup) will be followed through using the smart contacts.
Real estate & Property
One of the major selling points of the blockchain tech is that it does away with the need for the middleman. While that might be a downer for realtors, it comes as more of a blessing for the buyers. With smart contracts, buyers don’t have pay extra to the middleman. Apartment rental application too, can be done via smart contracts.
That’s right y’all. Your Harvard degrees can’t save you from smart contracts. The beauty of smart contracts is that you don’t really need to lawyer-up, they can actually operate without the assistance of lawyers, as the code is pre-programmed and thus they execute automatically.
Wouldn’t it be neat if the entire election process was made more transparent to the public? Smart contracts can actually help achieve that. Everything, from the vote counting to the government spending could potentially be transparent. People could practice democracy in its true sense, with proper accountability.
While, it seems far-fetched, but the advertising industry can make use of smart contracts. Ads can actually be purchased using smart contracts. Which would make the entire process less time consuming and cumbersome and more efficient.
Take a chill pill because this isn’t about robots roaming around I scrubs, disappointingly so. Blockchain technology is considered a breakthrough in healthcare. Smart contract logic is useful to encode the health records of an individual with personal access. The individual has his private keys, and is responsible for storing his personal data. This could also be applied to surgery, medicine, or medical supply.
While the smart contract technology is still in its early stages, there is a whole world of possibilities awaiting its application.