Smart contracts are the contracts that are available in digital form. It is a computer program that is built on the Blockchain system, to digitally verify or enforce the negotiation or performance of a contract. Smart contract allows you to exchange money, property, shares, or anything of value in a transparent and conflict-free way. As smart contract is a program stored in Blockchain, the transactions are distributed and validated by everyone on the network.
A smart contract is a digital computer protocol and backed with the capability to keep a track of the terms of agreement between businesses. Encode and stored in Blockchain, these smart contracts provide complete security and decentralization, allowing you to replace traditional or paper contracts, and save time and money for your business. Apart from developing smart contracts in general, we also provide Ethereum smart contract development services and smart contract audit services can help you automate all your business tasks.
Currently, the claiming process is done manually and the claims take weeks or months to be paid. This process includes more human resource and time, thereby adding up the administrative costs to the premium paid by the customers and result in higher premium. Insurance companies could use smart contract to automate the insurance policies. Smart contract could not only reduce the administration costs, but also build trust and transparency by using Blockchain to record everything.
When any need for insurance claim arise, the smart contract triggers the claiming process immediately. For example, in the event of natural disaster, the claim process is done through smart contract as the events such as wind speed, hurricane location or magnitude of earth are measured and recorded in the Blockchain and claims processed immediately.
Among infinite business development and technologies, the major risk factor is to secure the ownership even the content of transaction or data is copy righted. Anyone could duplicate the data which resulted in unauthorized file sharing even for copyrighted product/data transaction. Smart Contract could overcome this problem with its unique feature of time-stamping and hashing. When certain transaction is encoded in a blockchain, it will be timestamped and the content of the transaction with relevant timing cannot be forged.
We live in the world where everything is internet. Example, earlier it was difficult to track a package which we send to our friends or relatives at a different place. But now, it is easy to track the exact location where our post is, through internet. With smart contract in internet, everything is recorded in Blockchain technology without the third party involvement. The location is encrypted in Blockchain in a specific order and smart contract solidifies exactly where to find the package.
The Self executing contracts written by the professional smart contract developers, automate business development and bring trust in a online transaction.