Uses of Smart Contract

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SMART
CONTRACT
DEVELOPMENT
www.lbmsolutions.in
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A SMART CONTRACT IS A COMPUTER PROGRAM THAT
OPERATES FREELY ON A BLOCKCHAIN. IT IS MADE UP
OF CODE THAT IS RECORDED ON THE BLOCKCHAIN AND
IS RUN AUTOMATICALLY WHEN SPECIFIC CRITERIA ARE
SATISFIED.
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Uses of Smart Contracts
Government voting system Smart contracts provide
a secure environment making the voting system
less susceptible to manipulation. Votes using
smart contracts would be ledger-protected, which
is extremely difficult to decode.
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Healthcare Blockchain can store the encoded
health records of patients with a private key.
Only specific individuals would be granted access
to the records for privacy concerns.
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Supply chain Traditionally, supply chains suffer
due to paper-based systems where forms pass
through multiple channels to get approvals. The
laborious process increases the risk of fraud and
loss.
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• Financial services Smart contracts help in
  transforming traditional financial services in
  multiple ways. In the case of insurance claims,
  they perform error checking, routing, and
  transfer payments to the user if everything is
  found appropriate.

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