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Bitcoin was considered the first use of blockchain technology, while Ethereum is the second generation blockchain that was able to make waves on the technological ecosystem.
With Ethereum Blockchain, it is able to correctly encode the smart contracts in a way that was not possible on the Bitcoin blockchain. Below is a list of the five famous cases of use of the Ethereum Smart contract.
Vitalik Buterin, who is the founder of Ethereum technology, was able to devise the Ethereum blockchain and designed it with some advanced scripting skills; they are the same as Turing Completezza together with Smart Contracts. All this was done to ensure that they built an advanced one blockchain network that will be able to provide the platform with adequate development of decentralized applications.
At the moment, Ethereum's intelligent contracts can be applied to real life and have been able to acquire several cases of use.
Some of the five cases of use of Smart Contracts
1. Smart contracts used in financial services
The financial sector was able to benefit enormously from the deployment of smart contracts. It is an automated digital protocol that can be used in various sectors within the banking and financial sector; this is in the form of insurance claims, bonds, mortgages and payment agreements.
A good example would be government bonds; when these have been managed with the smart contracts, the bond will be able to automatically provide the amount at the time of maturity to the bearer. It is clear that smart contracts can work wonders in the financial sector.
2. The use of Smart Contracts in the initial offer of coins
When an intelligent contract is integrated into the process of supplying coins, it will be able to make it more democratic, transparent and even effective in the long run. Buterin has gone on to suggest a model for the ICOs that can be used, this is the DIACO model. It was designed as a hybrid of the decentralized autonomous organization and initial supply of coins.
3. The use of smart contracts for the effective management of digital identities
With today's problem of having a data monopoly together with identity theft, it is solved very quickly, through the implementation of intelligent contracts in the digital identity management process. Having projects like the uPort will give you back the potential of your digital identity, giving them self-sovereignty.
4. To have smart contracts in the forecast markets
Platforms of decentralized forecasting markets, such as Gnosis and Augur, have gone ahead to take the necessary measures to implement Smart Contracts. With these protocols in place, the various participants will be able to predict the results, and once their prediction is achieved, they will be incentivized through the use of Smart Contracts without trust.
5. Intelligent contracts used in escrow services
Smart contracts were able to replace intermediaries; therefore, they were able to find the most important use cases in escrow services. But the only thing you need to take into consideration is that smart contracts that use escrow services must be adequately equipped with all the preconditions.
Conclusion
It is clear that smart contracts have found their way into the automation of different processes. So this is not just a word circulating on the web, but rather something that has been able to serve some of the real world use cases.
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