Support Blockchain Smart Contracts Smart Contract Application Examples and Use Cases
Smart contracts have a broad range of possible applications. As well the immediately imaginable tasks, like business data management or insurance, there are some more creative and exciting uses of smart contracts.
In an industry, such as the music industry, either the artist themselves or a publishing company own the rights to the content put out.
As such, these copyright privileges allow the holder to receive a royalty fee every time this content is used for commercial purposes. The issue with the current system is knowing who owns these rights and then to ensure that royalty payments are distributed to all who are legally obliged to receive payment.
A smart contract solution here, built on a blockchain, would keep track of all ownership rights. This ensures trust in true ownership – as any changes to the data on the blockchain requires a consensus from all parties on the network.
As a consequence of knowing true ownership at all times, the same smart contract would ensure that a royalty payment is generated and paid in real time – with the added benefit that as the transaction is broadcast across the blockchain, every relevant stakeholder can instantly reflect this on their accounting.
The current problem with insurance policies is that the claims process can take weeks or even months to be paid. The process is still very manual and requires a large degree of human action. This adds up to a lot of administrative costs, which result in higher premiums for customers.
Insurance companies can automate insurance policies by writing them into a smart contract.
When the input conditions of the smart contract change in an insured event, for example in the event of a catastrophic natural disaster, then the claims process is triggered immediately.
Measurable parameters of the event, such as wind speed, location of a hurricane or magnitude of an earthquake can be recorded onto the blockchain. Variable with the complexity of the smart contract, as the parameters cross certain pre-agreed thresholds, the claims process is triggered immediately and the exact amount of financial payout can be delivered without need for human-driven intervention.
Not only does the smart contract reduce the administrative costs associated with fulfilling such policies, but transparency and trust in the process is visible to all stakeholders and all regulatory bodies – thanks to the distributed nature of the smart contracts on the blockchain.
The Internet of Things will bring the era of everyday devices having the ability to connect with the Internet, and therefore to blockchain systems.
Currently, for example, your parcels can get lost in the post. In an Internet of Things connected world, with sensors every step of the way – from the shelf in the warehouse, flying through the air on a delivery drone, right to your doorstep – a fully self-automated system will ensure this doesn’t happen.
Each sensor forms its own node on a blockchain and Smart contracts can record “possession” of the device to each individual sensor (and subsequent location). A barcorde / NFC chip / other tracking device on the package will be read at each sensor on the way to your house. Each time it is read by a new sensor, it’s location is broadcast to and agreed on by all the IoT participants on the blockchain.
As each recording of the package’s location is encrypted into the blockchain in a specific order, there is no securer system for tracking packages. A smart contract then keeps tabs of “possession” all the way along the line, solidifying the trust of exactly where to find the package.
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Most ICOs/STOs require participants to download an entire blockchain and set up a local wallet. This can exclude investors who are less technically savvy, seriously restricting the market for support. skalex’s system facilitates multi-currency funding from a wide variety of platforms, whether it’s an exchange trading account or hosted wallet like Coinbase or BitPay.
Most ICO crowdsales are only open for 3-8 weeks. Many ICO holders want a custom exchange so their coins can be traded after the official launch. skalex has been developing cryptocurrency exchanges since 2013, and we can develop an exchange tailored to your project’s needs.
As veterans of crypto-exchange software development, we understand the importance of security. Our software’s multi-layered security system provides our exchange partners the strongest protection at all times.
The cxClient is the frontend user interface of our exchange software. It is responsible for rendering everything that investors (end users) see in their browser.
It allows users to sign up, log in, place buy / sell orders, view their trade history / purchased tokens, view balances, deposit/withdraw digital assets, upload KYC documents and view charts.
Changes to the design and layout all take place in the cxClient. The cxClient also features Google Authenticator and email-based two-factor authentication as security measures on the frontend side.
The cxServer processes everything that comes from the cxClient side. It retrieves the user input from the cxClient and then writes it into the database cluster.
Put differently, the cxServer is the API between the cxClient and database cluster.
If an investor signs up, for example, the cxClient forwards the input information to the cxServer which subsequently writes the information into the database cluster.
skalex Software provides the option of adding a wide range of extra features, which allows an even better customization of the exchange.
From liquidity features like the Internal Distributed Shared Orderbook (DSO) to security and admin features such as KYC Implementation or the Token Holder Discount Program, we offer options that guarantee high flexibility, security and customization.
The cxEngine module matches trades on the exchange.
Moreover, the cxEngine is also responsible for providing the data in the order book, reviewing and executing transactions, and calculating account balances.
The cxWallet is the multicurrency wallet module which stores all cryptocurrency funds.
If an exchange offers three tradeable cryptocurrencies (e.g. Bitcoin, Ethereum and Litecoin), the cxWallet will contain three separate wallets. Each wallet will be synced up with each cryptocurrency’s respective blockchain.
The cxAdmin module provides the administrative interface for the exchange operator.
cxAdmin It is the equivalent of a business intelligence and management software. Within the interface, admins can approve deposit/withdrawal requests, manage KYC requirements, create and answer support tickets, modify trading fees, and manage cold storage functionalities.