Smart Contract Development Use Cases
1. ICO/Crowd Sale
When it comes to the Initial Coin Offering via crowd sale, Ethereum based smart contract suits well. An “ERC 20” specification can be followed in implementing and deploying the smart contracts to the Ethereum Block Chain.
2. Rewards-based systems
When it comes to the reward-based systems, we got numerous possibilities or applications or use-cases. Just to give you an example, organizations that build a reward-based system with smart contract(s) can be utilized to reward their hard working employees. Reward based contracts generally evaluate rewards based on the specified custom or predefined business rules.
3. Digital Identity Management
The blockchain technology helps the organizations to build secure and encrypted digital identity management solution through which they can access or share information with ease. Identity management and verification of information can be securely done via blockchain and smart contracts.
4. Asset Tracking or Management
When it comes to tracking or managing “Assets” in a secure and de-centralized manner, the blockchain technology in co-ordination with the smart contracts can be utilized for tracking, transferring of assets etc.
5. Blockchain for real-estate business
The Smart contracts and blockchain technology can be used by the real-estate industries for managing the property asset information. The buyer and seller can use the smart contract based real-estate platform for property registration, sale deed, transfer of ownership with ease.
6. Supply chain management solution
The blockchain based supply chain management solutions can be built to keep track of all the assets that is involved in the supply chain business. The blockchain technology allows one to securely persist information and provides access to the authorized folks in need. All transactions involved as part of the supply chain business can be handled via blockchain and smart contracts
7. Escrow Systems
When it comes to building a blockchain and smart contract Escrow system, there are numerous possibilities or use-cases. The smart contract-based escrow’s acts as a mediator and handles all sort of transaction b/w two or more parties for fulfilling the business needs.
8. Financial domain-based solutions
Financial Companies can utilize the blockchain and smart contract-based solution for handling the stock trading, issuing dividends etc.
9. Healthcare Domain-based solutions
Healthcare companies can utilize the blockchain based solution for securely managing the patient, provider and payer’s information. Also, for real time patient eligibility checks, making a patient payment etc. Pharma companies can make use of the blockchain technology for sharing the information or can track or trace the drugs getting manufactured, shipped and delivered to patients. Overall, the blockchain technology helps the organizations in building a transparent, immutable and auditable nature of applications.
10. Internet of Things and Blockchain-based solutions
Internet of Things (IOT) with Blockchain. With the IOT, there’s a tremendous opportunity in securely persisting the sensor data, managing the device information and handling the communications b/w the devices etc. As of today, the IOT information is mostly centralized and governed by the big organizations. Centralized data leads to a single point of failure and is difficult to share information with other parties in an interoperable manner. Blockchain and smart contracts can be used to solve a much bigger problem of security, building a true de-centralized application with the interop in mind.