Smart Contracts have the ability to authenticate documents via the blockchain technology. The great thing about it is that it avoids relying on third-party systems and allows the process to be entirely automated. They also allow a completely automated, easier process. Here are all the possible ways you can benefit from smart contracts.
Secure Digital Identity
By using smart contracts, users can control all their personal data and reputation. Users are given the opportunity to choose whether to share this data with other parties, making the entire process much safer. Users won’t need to give away their identity when verifying transactions.
This is possibly the best advantage that larger industries can have. Using smart contracts, industries can improve the speed and security of record keeping and shearing. One of the industries that might benefit the most is the healthcare one. The current healthcare system contains millions of patient medical record in their computers. Huge amounts of money are put into these systems to keep them up to date and running. The data is much more vulnerable on those systems and this is why there has to be an improvement done. Blockchain technology can help in storing the data safe and encrypted.
Smart Contracts can be used in property ownership. They can be used to record different types of properties much faster and much more efficient. By using this technology, you won’t need to use expensive existing methods such as housing brokers, real estate agents, and lawyers. Also, the person who sells the property can do the entire transaction by himself.
A great relief for future buyers, smart contracts can be used when making mortgage transactions. The process is much more simple and faster. Once the mortgage is set between two parties, information on the ownership details are updated instantly with the use of a unique key authorization.
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