Nick Szabo is a legal scholar, computer scientist, and cryptography expert that coined the term Smart Contracts which means "a computerized transaction protocol that executes the terms of a contract"
These are just some of the good things when Smart Contracts were introduced:
- Digital Identity - it can let individuals own and control their digital identities.
- Records - it can automate recording renewals as well as releases without compromising private data.
- Securities - it can simplify financial technology matters such as dividend payments, stock splits, and liability management issues.
- Trade Finance - it can facilitate transfers of streamlined international goods with higher asset liquidity.
- Derivatives - it can enforce a standard transactional set of rules regarding derivatives which are securities with an asset-dependent price.
- Financial Data Recording - it can serve as an enterprise-grade accounting ledger for accurate recording of financial data for transparency purposes.
- Mortgages - it can automate the process of getting a mortgage.
- Land Title Recording - it can facilitate transfers of property with less fraud and disputes.
- Supply Chain - it can provide greater visibility on each level of a supply chain in coordination with an Internet of Things (IoT) devices that track assets and products from factories until the point-of-sale (POS) target.
- Auto Insurance - it can automate insurance claims in the auto industry including verification and payment.
- Clinical Trials - it can be a mechanism in the field of medical research and clinical trials by improving data sharing between institutions since it involves sensitive agreements for the privacy of data for participants.
- Cancer Research - it can largely help in facilitating the data power in the field of cancer research while maintaining a privacy of data for patients.