How smart contracts will affect our everyday lives
Smart contracts are applications that will execute a transaction automatically once all of the agreed upon stipulations have been met. As the world becomes more aware and accepting of blockchain and cryptocurrency we will begin to see the impact of smart contracts entering our everyday lives.
A glaring example of an industry that is prime for a blockchain upgrade is the world of insurance. Insurance policies are know to be notoriously frustrating to redeem when something actually goes wrong. Policyholders are usually left waiting for long periods of time as the company reviews and processes the request. With blockchain, insurance companies can automate policies by using smart contracts. The companies can also save money in staffing and total hours of work put into each investigation.
Smart contracts will also affect the entertainment industry in a big way. Copyright laws and processes will be made simpler and provide artists and fans with direct paths to connect. Fans will also benefit from smart contracts when they begin to help stomp out scams like fake tickets and when they aid in lowering prices on the secondary market by keeping ticket bots from pitching massive amounts of tickets.
Bithemoth plans to deploy smart contracts on its decentralized trading platform to ensure ease of use and to keep the transaction fees as low as you will find in the industry.
Smart contracts provide users with automated, low-fee transactions, but also the a more smoother running business environment and a more confident consumer. Furthermore, with the use of smart contracts powered by tokens such as BHM users will have a higher level of security than relying on standard localized databases.
With smart contracts, both businesses and consumers will have a more reliable, accurate system without human error to worry about. With more confident users and an exponentially increased speed of money, the future of business, powered by blockchain and smart contracts will be more efficient.
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