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Examples of using smart contracts

Different types of smart contracts opened the door to people in a world of new opportunities. You can use them for various purposes. Their scope extends from ordinary employment contracts and ends by financial derivatives trade.

More often smart contract with a low cost is used in the decentralized autonomous organizations. Such companies operate only on such contracts, because the main processes are regulated by the collective decisions of its participants. Organizations choose to make smart contract in order to write everyday tasks and schedule for the payment of wages in program code. Thanks to this functioning of decentralized companies becomes more correct and orderly. If one of the parties violates the labor relations and openly rude to other people, tokens owners have the right to withdraw support of this party. As a result, the contract is terminated automatically, so the man expelled from a decentralized autonomous organization.

But the programmer of smart contracts can pursue different objectives. The program does not necessarily be the basis of a specific company. Often it is used as a supplement to meet business needs. These are turnover of documents, smart contract audit, and delivery of goods and so on.

A vivid example is Barclays Bank operating in Britain. Last year, the agency has conducted the world's first commercial transaction using Blockchain. Now smart contract cost is affordable, used by the company for payments in other financial institutions. Also it is planned to use the program for the control of goods delivery, since it can help to minimize charges on such processes.

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