Smart contracts are known for automating various types of business processes and operations. The most obvious is payment process and actions conditional on payment. However, its capabilities have stretched to many other prominent business activities.
Here are a few use cases of Smart Contracts:
Executing a smart contract on a blockchain can enable individuals to have control over their digital identity containing data, digital assets, and reputation. It can allow individuals to choose what sort of data to disclose to counterparties. Thus, offering enterprises the opportunity to thoroughly know their audience.
Counterparties won’t have to access sensitive data to validate transactions, reducing the liability along with facilitating frictionless KYC (know-your-customer) requirements. This also elevates compliance, interoperability, and resiliency.
Smart Contracts can help UCC (Uniform Commerical Code) filling become digital. They can automate their renewal and release operations.
They can even help businesses to become GDPR compliant, as they can automate compliance with regulations that ask for destroying data, records at a future date.
Smart Contracts that enable property transfers can prevent frauds, increase transaction efficiency and transparency, and elevate confidence in identity. Eventually, reducing auditing costs. However, common protocols will need to be developed for digital record filling.
Smart Contracts for Supply Chain can work the way ERP systems do for it. They can provide real-time monitoring for every step in the supply chain management
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