Ethereum smart contracts are built via a computerized transaction protocol that executes code in the terms of a smart contract when certain conditions are met by certain parties of the contract, and contractual clauses in the contracts may be made partially or fully self-executing, self-enforcing, or both. Smart contracts are visible to all users of the Ethereum Network, and have many use cases:
ERC20 Tokens: Creating custom cryptocurrencies
Secure automated escrow services
Insurance policies to automate the claims process
Real-time royalties for copyrighted content
Ethereum Smart Contracts have a large range of possible uses – for businesses, organizations, individuals, and even for IoT devices.
Supply Chain & Logistics: If you produce, buy or sell goods, blockchain technology can make each step of a supply chain more transparent, allowing tracking from the factory to the store, reducing the risk of fraud, and instantly providing notifications for delays due to weather or customs.
Trade Finance: Smart contracts are often used in trade finance, to streamline the process issuing a Letter of Credit; reducing paperwork, mitigating risks and improving efficiency.
If you have a project in mind, or would like more information about what Ethereum Smart Contracts can do for your company, please contact us.