Top Smart Contract Platforms, Rated and Reviewed for 2022

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Avalanche





4.0

Avalanche claims to be the quickest smart contract platform in terms of finality, processing and finalizing transactions faster than any other platform.

colleagues discussing a document Smart contracts: like regular contracts, but with software.[/caption]

What are some Smart Contract Use Cases?

Smart contracts can be used across many industries for various functions. Some of the top use cases for smart contracts include:

Trade Finance

Trade finance can benefit immensely from smart contracts, as these contracts can help with cross-border payments, the international transfer of goods, and trade payment initiations.

Smart contracts can automate approval workflows and clear calculations that are presently very labor-intensive. This automation will help reduce work hours and dramatically reduce errors.

Data Management

Every company requires employees to keep records of their communications, transactions, and messages. Typically, employees store these records in the cloud, on company servers, or in paper form. However, when employees need to share information among different businesses or departments, they either need to send the documents through the internet or deliver them by hand.

This can lead to a lot of back and forth, which is where smart contracts come in, as they can streamline the data recording process through automation.

Supply Chain Management

Smart contracts can reduce the risk of manipulation and lost items, as data transparency leads to fewer opportunities for fraud.

Additionally, smart contracts can use sensory data to track the location of goods and record their information during delivery. Then, if an item is lost or stolen during transit, a smart contract can detect the location. Smart contracts can also automate payments and routine tasks, such as inventory checking and delivery timetable planning, saving time and resources.

Property Ownership

Smart contracts can help streamline property ownership transfers. Several countries, such as Ghana, Russia, and Sweden, have already launched pilot projects to register property titles using smart contracts.

Mortgages

Using smart contracts in the mortgage process will allow both parties to digitally agree to a property sale before payment processing takes place. Once the payment processing is complete, the smart contract will automatically update to reflect the change of ownership and new property ownership details.

Escrow

An escrow is a legal agreement in which a third, neutral party receives and disburses money or property on behalf of the primary parties. Smart contracts can help facilitate the escrow process by making it automated and transparent.

For example, suppose a freelance writer accepts a job to write copy for a company’s website. Once the writer submits their work and the company verifies, a smart contract can automate payment securely without needing a third party.

Insurance

The insurance industry loses millions of dollars due to fraudulent claims each year. In addition to supporting initial insurance policies, smart contracts can help with claims processing by error-checking and determining payment amounts.

Healthcare

Smart contracts can help the healthcare industry do away with paper-based systems and non-secure data servers. They can automate the storage and transfer of personal health records across departments and institutions in a secure, private way so that only relevant individuals can access the information.

Voting

Fraudsters can sometimes find ways to manipulate voting records stored on computer systems. Smart contracts offer a simple and cost-effective solution for voter fraud, as they can validate voter identification and record votes.

What are the Benefits of Smart Contract Platforms?

Smart contract platforms offer a host of different benefits, including:

  • Automation: No third parties or intermediaries are needed to confirm an agreement.
  • Backup: All data is stored on the blockchain, with each node holding its own backup copy.
  • Security: Smart contracts are immutable, so the data cannot be altered or changed in any way.
  • Interruption-Free: Once the smart contract execution has begun, it can’t be interrupted or stopped.
  • Trustless: With smart contracts, you don’t need to place trust in other parties to carry out a transaction.
  • Cost-Effective: Removing third parties and intermediaries from the process helps make smart contracts more cost-effective.
  • Accurate: By eliminating manual filing, smart contracts can help individuals and organizations eliminate errors.
  • Fast: Once the parameters of a smart contract have been set, it can be executed seamlessly and quickly.

Conclusion

Smart contract platforms power the world of crypto, DeFi, NFTs, Web3, and much more to come. Investing in these platforms now could be like investing in Microsoft in 1996. Eventually the industry will consolidate into a handful of big winners – the key is to pick those winners now, and hold on for the long term.

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