Application of Smart Contracts in Supply Chain and Real Estate
Supply Chain Management:
Smart contracts have a wide range of application areas. One application area has been discussed earlier in the last post. There are significant applications of smart contracts in supply chain management. It is facilitating the automation of supply chain processes. There are several areas like product tracking, inventory management, payment processing etc. Supply chain operations and businesses can increase transparency, traceability & efficiency by implementing smart contract in supply chain management. At the same time, it is reducing the risk of fraud and errors in the supply chain system. There are a lot of operations involved in supply chain management. In the traditional process, there are a lot of troubles due to middle middleman system and proper tracking. In smart contracts, all the operations can be done simply without a middle party but just fulfilling the conditions only. That is the beauty of this automated system.
Real Estate Transactions:
Smart contracts have a wide range of real estate transactions by automating tasks such as property transfers, escrow services, rental agreements, asset acquisition, etc. Smart contracts have a lot of features to make the real estate sector efficient. Transactions are limited in the traditional system. As the system is not automatic there will be the problem of executing transactions within time due to the presence of the middle man. By leveraging smart contracts, real estate transactions can be executed enormously. It will ensure secure and transparent property transfers and minimize the complexities. It delays associated with traditional real estate processes. Smart contracts are an innovative technique of automatic process.
~ Regards,
VEIGO (Community Mod)
Use of a smart contract on the blockchain is a fantastic innovation and we have seen how it has been used in decentralised finance. Now I think it can be a game changer in the real estate and supply chain because some logics can be built that will be triggered based on the smart contract where no manual intervention will be required. Great post
Really you have share a very important content
Well written post, quite insightful and educative content you have shared here on how smart contract could be applied in real estate and supply chain
From your article, I gathered that smart contracts have really crucial uses. Thanks for sharing.