Types of Smart Contracts & How Business Can Utilize Them?

1. Smart Legal Contract

A Smart Legal Contract is an integrated legal framework with a business logic & aim to digitize legal contracts by combining external data sources, such as IoT devices, to show real-time status on obligation execution and automate varied legal & business operating activities.

2. Decentralized Autonomous Organizations (#DAOs)

Decentralized Autonomous Organizations (#DAOs) is a transparent organization administered by its members rather than influenced by a central administration, and whose laws are written as a computer program. It gives authority to shareholders to vote and make decisions.

3. Decentralized Apps (#DApps)

Decentralized Apps (#DApps) are apps with backend code that run on a decentralized #P2P network. It can be used to offer a trustworthy & secure environment for its users and to develop an open market with liquidity.

4. IoT-combined Contracts

IoT-combined Contracts is an app development framework that leverages data obtained from devices as a shared database. It enables commercial transactions through IoT-enabled items & is used to monitor interactions across devices, addressing monetization & security concerns.

References:
Harriet Jones-Fenleigh, Adam Sanitt, Jonathan Hawkins, 2022
Varun Bhagat, 2021