What are Smart Contracts
In simple terms, smart contracts are just programs stored on a blockchain that run when certain conditions are met. It is generally used to automate the execution of an agreement so that all parties are immediately aware of the outcome without the involvement of third parties or the loss of time. A workflow can also be automated by triggering the next action when certain conditions are met. Know more about smart contracts.
Listed below are the top 5 companies using smart contracts for the betterment of society ;
Second State develops virtual machines for blockchain smart contracts on leading public blockchains such as Ethereum, Polkadot, and CyberMiles. It utilizes BUIDL, an Integrated Development Environment (IDE), to create and launch decentralized applications (dApps) on the Ethereum blockchain. Decentralized apps can be developed in this environment, as well as smart contracts can be searched for, as well as blockchain as a cloud service.
Slock.It and Share&Charge
Through smart contracts, Slock.It is revolutionizing the sharing economy. Slack. It automates the sharing, payment, and rental processes for businesses. The most recent project they have completed with Share&Charge is an excellent example of how Slock. It works: Share&Charge uses their smart contract technology to automate the process of renting electric vehicle charging stations.
Slock.It is also developing the Universal Sharing Network (USN), which will be an open-source network for the deployment of blockchain application modules. Upon completion, it will facilitate the sharing of objects, allowing third parties to add any object (service, product, etc.) to the network.
The invoice financing process allows business owners to obtain funds from unpaid invoices. Typically, invoice buyers pay up front in order to take over an invoice for the business and then receive payment from the debtor when the invoice is paid. This process is currently localized and represents a small market share in the market. Populous makes it possible for anyone to buy and sell outstanding invoices using smart contracts on the blockchain.
When the middleman is removed from the process, and smart contracts are used, the process can move faster while mitigating the risks, including manual human error and duplicate invoice financing.
The French airline, AXA, has taken flight insurance to the blockchain. If a flight is delayed, it can be challenging to get compensated, even if you have travel insurance — and even then, it can be a headache depending on the cause.
Using Fizzy, if your flight is more than two hours late and your airline details are loaded into the app, you will receive an automatic notification with compensation options. As soon as you select your compensation option, the money is credited directly to your credit card.
Using smart contracts is based on parametric insurance, which compensates users for losses that fall outside of traditional insurance rules rather than for total losses.
Uniblok is a decentralized blockchain-based online marketplace that connects Clients (Employers) and Talent (Freelancers). It is the most suitable marketplace for freelancers to begin their careers. A number of unique features are also provided by them like meetings held in a metaverse, payments are made using cryptocurrency, all data of customers is stored in a blockchain, etc. Uniblok provides smart contract functionality that ensures the confidentiality and safety of clients and talents.
A brief description of how Uniblok uses smart contracts:
The client must post a job on our platform in search of a candidate.
The talent can simply submit his proposal with his skills and charges as soon as he searches for a job posted by a client
A talent submits a proposal for a job posted by a client, and the client receives notification of these proposals.
After that, the Client and Talent interact with one another and come to an agreement regarding the completion of the task, the payment terms, etc., which is stored as a smart contract.
The payment can be made on an hourly or fixed basis
Following the completion of both parties’ smart contracts, the smart contract is executed, and the talent receives payment for his work and the amount decided by the client.
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