BusinessOver the past five years, new DAO experiments and models have flourished, garnering attention for their voting processes. If Web3 is to become a user-owned internet, DAOs will be the organisational fundamental through which that ownership is distributed. With over 13,000 active DAOs globally in 2026, up from just a few hundred in 2021, the space has matured considerably.
2 min.
04.07.2019
How to use smart contracts?
Smart contracts are used in areas related to finance: insurance, loans, property re-registration, etc. Most of all they are in demand in business.
«The White Paper» issued by the Chamber of Digital Commerce contains a description of 12 areas of use of smart contracts.
The most famous example of use is multi-signature. Using it, the parties to the contract can seize the money in the blockchain and it will be possible to unfreeze them only with the signatures of more than half of the participants. This option provides a high level of security for the transfer of funds. If a smart contract is used to raise funds for a project, then this guarantees a refund to the investor in case of project failure. If the ICOwas successful, then the participants of the multi-signature activate their keys and confirm that the project is honest.
Smart contracts are used in areas related to finance: insurance, loans, property re-registration, etc. Most of all they are in demand in business.
The white paper issued by the Chamber of Digital Commerce contains a description of 12 areas of use of smart contracts.
- Digital identity – control of all digital data.
- Uniform Commercial Code – smart contracts have the ability to digitize it and automate updates.
- They make it possible to bypass intermediaries in the transfer of securities.
- Ease of use in international transactions.
- Checking the product for compliance with standards after conducting sales transactions.
- Ease of financial accounting and data exchange between organizations.
- Automate the processing of mortgage payments.
- Transfer of ownership without risk to either party.
- Tracking the supply chain of goods from the factory to the store shelf.
- When car insurance allows you to record the history of driving, as well as find the cause of the accident.
- You can maintain a single database of patients and conveniently transfer them between hospitals.
- Smart contracts make it possible to disseminate information about oncological diseases and maintain the confidentiality of patient data.
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