Smart Contracts, Explained

5.

Smart contracts can apply to different fields.

Voting results will be put in the Blockchain and distributed among the nodes of the network. All the data is encrypted and anonymous. This method eliminates any possibility of manipulation with the ballot.

The supply chain is generally long and includes a lot of links. Each link has to get a confirmation from the previous one, hold up its end of the contract and send the information further. It takes a lot of time and is unproductive, while with a smart contract each participant can see the progress and do the work in time. Smart contracts ensure transparency in the contract terms, fraud protection. It can also provide shipments tracking with the integration of the Internet of Things.

There are some other possible applications, i.e. in management, bank system, insurance, estate, IoT, and others.

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