Will Blockchain Applications like Smart Contracts change the way we do business?

Most business owners looking to lead in the current digital landscape would like to know more about using modern technology to streamline business processes and minimise third-party interference in their processes and systems.

We know that current technological advances have the potential to change the way we make time and save time, and what is becoming clearer to us is the impact blockchain based technology in Smart Contracts has the potential to change it all. So how are blockchain-based Smart Contracts revolutionising complicated processes right now? Two industries to note as follows:

  • Logistics and Shipping – Smart Contracts make every business transaction crystal clear. Logistics is an industry Blockchain tech has already begun to redefine. Every user associated with a smart contract transaction e.g, behind the shipment of a product from manufacture to POP, can view and review the process every time that product moves on. Through this, every user benefits from significant optimisation in any business journey. This is particularly useful to the logistics and shipping industry, due to the nature of the business being prone to setbacks and delays. Smart Contracts set every party up for immediate notification regarding delays, and it can be done in real-time. Where previously tracking shipments has proven itself as an industry challenge, Smart Contracts have moved to create a better experience for purchasers, manufacturers and sellers alike. In addition to this, Smart Contracts minimise the risk of fraud and of course theft, giving time back to parties involved at all points.
  • Insurance Companies – Insurance Policies – with a lean towards time-consuming and drawn out processes, the insurance industry is long overdue for a shake-up. Where current systems include an overload of manual work and human interaction involved is not immune to error, additional costs can be incurred through the waiting period. As Smart Contracts can calculate costs based on a set of measurable parameters (e.g. based on meteorological events like earthquakes) and initiate payment if the insuree satisfies all conditions. It’s a process that can completely eradicate fraudulent activity in some areas of the industry.

We know the future holds exciting and attention-worthy developments that will improve the way we do business- so how can you capitalise on those advancements? If you would like to discuss how Smart Contracts can improve processes for you, One Stop Media can help. Call us on 1300 305 619 today.

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