reviewed on
35 reviews

Real-world Use Cases for Smart Contracts

Vitaliy Basiuk
Contributor
Alissa Adams
Editor Fact checked
May 4, 2023 | UPD: June 12, 2024 | 10 mins min. reading | 721
smart contract use cases

Smart contract Use Cases & Examples in 2023

Many blockchain-based networks rely heavily on smart contracts, and many blockchains designed with smart contract applications in mind, such as Ethereum, feature smart contracts as a central component. Once implemented, these digital contracts cannot be undone or altered and operate in a trustless, autonomous, decentralized, and transparent manner.

The code governing a smart contract specifies the transaction’s mechanisms and serves as the ultimate arbiter of any disputes that may arise. As a result, smart contracts can reduce or eliminate the use of middlemen and the need for third-party implementation of agreements.

Smart Contracts Development

We build decentralized applications and smart contracts for a variety of uses.

Go to service

Our Smart Contract Case Studies

Go to case

Frequently Asked Questions

What are smart contracts?

Smart contracts are self-executing agreements with the terms of the contract directly written into computer code. They are typically deployed on a blockchain, a decentralized and distributed digital ledger, which ensures security, transparency, and immutability.

How do smart contracts work?

Smart contracts work by automating the execution of a contract through computer code. When predefined conditions within the code are met, the smart contract automatically carries out the agreed-upon actions, without the need for intermediaries or manual intervention. This process streamlines transactions, reduces the risk of fraud, and increases trust between parties.

What are the business use cases of smart contracts?

Smart contracts can help businesses in many ways, ranging from overseeing supply chain automation, securely transferring property and money, and automating business processes such as for banks, medical facilities, and insurance.

Categories:
Blockchain
DeFi
Smart Contract
Web3
Written by
Vitaliy Basiuk
CEO & Founder

Written by Vitaliy Basiuk
CEO & Founder at EvaCodes | Blockchain Enthusiast | Providing software development solutions in the blockchain industry

Let's discuss your idea

    Choose your interest:





    Ruslan Pavlov
    Chief Business Development Officer at EvaCodes

    Related Articles

    Top BRC-20 Token Companies

    Tokens

    ERC-4337: Account Abstraction

    Smart Contract

    What Are Smart Contracts?

    Smart Contract