Get a Free
Project Consultation
10 use cases of smart contracts you can explore and real world examples.
Solidity is an object-oriented,high level programming language used in writing smart contracts and implementing it. Smart contracts are known to be the computer programs that are coded and executed on the Ethereum blockchain networks on specific agreement.
In simple words, Solidity is described as the curly-bracket language which has been developed by the inspiration of C++,java and python. By using solidity,we create Smart contract agreements which are beneficial for voting, crowdfunding, NFT, DAO, Defi and multi-signature wallets.
The latest version of solidity used by Hivelance developers is the 0.8x version. After creating smart contracts,we deploy it using Remix( online web ethereum IDE) as it is user-friendly.
Based on the market applications and requirements of the users, smart contracts is split up into 3 types and explained as follows
1. Smart legal contracts: Smart legal contracts are a legally binding contract in which the contractual obligations are defined and are executed automatically by a computer program. By using smart legal contracts we can expand several industrial sectors making its execution to be automated.
2. Decentralized Autonomous organizations: DAOs are special communities of blockchain sticking to specific rules coded into blockchain contracts combined with governance mechanisms.Any action taken by the community members can be replaced by a self-enforcing code and regulated.
3. Application Logic contracts: It Encloses the codes which are application dependent and is also in touch with other blockchain contracts.It can accomplish the connection of functionalities across the platform.
1. Smart contracts in finance: Finance industries are seeking everyone’s attention nowadays as being one of the highest revenue generating spaces.Handling finance industry isn’t an easy job.Datas are the main part of finance area.Each and every record must be handled safely and in an organized way.These can done and executed by smart contracts as they provide transparent way.By inheriting smart contracts,these industries can avoid accounting,auditing and reporting costs.
2. Supply chain management: Industries involved in supply chain management functionality,always have a need for a tracking system and verification process to be carried out.Tracking supply chains( items) will be the main part as misuse or fraud activities may happen. By smart contract establishment,the tracking can be keenly observed to avoid thefts and reduction in verification.Smart contracts regulates the verification simultaneously neglecting odd ones.
3. Trading process: In trading,we are aware of many fraud activities and hackings.Many unknown third party may get into the trading platform causing collapse of the entire system.The third party involvement and the broker fees can be neglected by using smart contracts in trading.
4. Voting: During voting, fraud activities occur which are made by humans too these days.Instead of using computer systems we can step into smart contracts to avoid these problems.Smart contracts are a simple and cost-effective solution to this problem. They can be used to validate a voter's identity and record their vote.This information can be used to initiate an action after the voting process.
5. Insurance: Smart contracts can initiate the claiming process of insurance taken by the individuals. They automate error checks and determine payout amounts depending on the type of policy taken by the individual or organization.Smart contracts reduce processing times,costs and makes dramatic reduction in errors. Smart contracts are used for any accident and the immediate activation of claims.
6. Property ownership: Property ownership from buildings, land etc can be digitally recorded by usage of smart contracts as they are faster and cost-efficient. Smart contracts can remove the need for expensive services provided by housing brokers. This new technology enables sellers to handle the transactions on their own.
7. Mortgages: Smart contract mortgages allow the buyer and seller to digitally agree to the sale before processing the payment. Once this is done, the contract would update the property ownership details to reflect the change of ownership.
8.Escrow: Escrow is the advanced use case of smart contracts. Escrow refers to the process of storing value between the parties when the contract is still active.With smart contracts it is made possible to automate the entire function making the service provider submit its outputs.There are many companies using smart contracts for this purpose.
9. Storage of records: Blockchain technology helps the medical industry to save the entire databases of personal health records to be securely encrypted. Blockchain enabled smart contracts are also used in issuing prescriptions, storing receipts, general stock management, storing test results etc.
10. Peer to peer transactions: Smart contracts are used for launching fundraising platforms for selling items on the internet.Peer to peer transactions are safer with smart contract deployment.Investors of all sizes make use of this platform for successful transactions.
Here we described the step by step procedure of how we are creating smart contracts with solidity.
We built readymade smart contract combinations that can be easily used to start various web3 apps. You can copy and customize the contract with the help of solidity developers or hire us directly. The following are the most popular use cases that can be employed by our smart contracts.
Hivelance is a reputed organization for making your blockchain projects live. We have 10+ years of experienced blockchain developers who are involved in smart contract development.
Hire our developers on a daily, monthly or full-time basis in a cost effective manner. We provide you a separate team of quality assurance professionals to cross-check for any bugs and help you accomplish a hassle-free user experience.
Whatsapp - +91 82481 33032
Email - sales@hivelance.com
