Microinsurance: Micropayments are calculated and paid based on the use of a network-connected device.
Escrow in the property registry: the contract performs an external verification of the information on the Blockchain; once the property is transferred from the seller to the buyer, the contract automatically gives the funds to the former.
Donation automation: donation agreements can be reached within certain time periods.
Intellectual Property Services
Royalty Payments: The contract handles distributing royalty money to artists and other parties according to agreed-upon terms.
Public Sector Services
Betting: Two parties can place bets with the security of a contract for the payment of the agreed amount without the need for intermediaries.
Voting: The contract performs a validation of the voter's criteria, records the vote, and initiates agreed actions, such as determining which was the majority vote.
Smart properties: houses, cars, cell phones, etc., everything that can be connected to the internet is considered a smart property and can be sold or rented automatically with the help of a Smart Contract.
Energy Services
Autonomous charging stations for electric vehicles: the procedure of a deposit is carried out, the charging station is made available and the remaining funds are returned once completed.
[Tweet “Health and financial services are already using smart contracts”]
How Do They Work?
To better understand how smart contracts work, it is best to give an example: imagine a food vending machine, one of those that you can easily find in airports.
This machine is programmed so that after you enter a certain amount of money and a code, you can get the food or drink you have selected, right?
On the other hand, this machine is also configured to give you money back if you have put in too much and to notify you if the product you have selected is out of stock.
Therefore, this configuration of the machine would be the Smart Contract and canadian hospitals email list the parties involved would be the machine and you.
The conditions of this contract would be those we have mentioned: give money, give you food, return money, etc. Actions that should trigger other actions and automatically enforce the contract.
For machine language, this works with a statement called “if… then” in English, which in Spanish means “If… then”, and means that if an action or agreement is fulfilled, then the condition will be met.
Now you might think that the example of vending machines is something that has been around for years and is nothing new, but what is new here is the elimination of the middleman.
With Smart Contracts, the machine itself would notify when it is running out of a product. Therefore, the supplier would not have to monitor whether the machine is stocked.
So: saving money and reducing time, making a process much simpler, is how Smart Contracts work.
