Legal Operations » Smart Contracts Useful In Specific Industries

Smart Contracts Useful In Specific Industries


June 14, 2023

The Harris Bricken firm lists the industries in which self-executing contracts have proven most useful and says that every company should be asking how it can incorporate the technology into its business model. Smart contracts are coded to execute if certain conditions the parties agree on before sending them to the blockchain are met. They don’t work well if unforeseen circumstances make it impossible to fulfill some conditions, and if they are poorly written smart contracts can self-execute even if the conditions haven’t been met. There is a benefit to be had if a realistic use for blockchain can be found. A good rule of thumb, they suggest, is to be sure your proposed use makes sense without any blockchain technology involved. So far they have proven most useful in the health care, music, retail, financial services, human resources and real estate industries. In health care, for example, blockchain is a good way to share patient information while adhering to HIPAA requirements. They have the potential to help hospitals and clinics share patient data with insurers and automate insurance payments.

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