Examples of smartcontract applications include Real Estate, Vehicle Ownership, Music Industry, Government Elections, Management, Health care. They can be used for financial applications purposes like trading, investing, lending, and borrowing; and they can even be used to configure entire corporate structures.
Real estate: Share the proceeds between the persons directly engaged instead of paying the middleman. As an illustration, a smartcontract to transfer apartment ownership whenever a specific number of resources have been sent to the seller's account (or wallet).
Vehicle ownership: A smartcontract that tracks vehicle ownership and upkeep can be implemented in a blockchain. For instance, the smartcontract may mandate car maintenance every six months, failing to which would result in the suspension of a driver's licence.
Music Business: The songs industry may use a blockchain to store ownership information about music. When a music is utilised commercially, a smartcontract that is integrated into the blockchain may be used to credit the owner's account with royalties. It can be effective in settling ownership conflicts as well.
Elections for public office: It would be exceedingly difficult to decode the voter address and change the vote once it has been entered on the blockchain, increasing trust against unethical acts.
Management: Many choices that are made late or in a delayed manner may be streamlined and automated using the blockchain application in management. Each judgement is open and accessible to all parties with the necessary power (an application on the private blockchain). Using a smartcontract, for instance, 10 tonnes of plastic bag production might start the delivery of raw materials.
Healthcare: Using smartcontracts to automate healthcare payment procedures can help stop fraud. Each procedure is recorded in the ledger, and the smartcontract may ultimately calculate the total of all the transactions. Before the hospital bill has been paid and can be entered in the smartcontract, the patient cannot be released from the facility.
