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Smart contracts are digital contracts anchored on the blockchain. This means that a payment must be made as soon as the prerequisite for it is met.

A smart contract could therefore take over your salary payment at the end of the month without the bank having access to it as a 3rd instance.

Furthermore, a smart contract could be used by insurance companies. Here, the insured person reports damage and provides all the associated data. The computer network checks whether the conditions for a payment have been met and whether the insurance is effective. If all conditions are met, a payment is made and this completely without employees or higher bureaucratic effort.

The application possibilities of smart contracts are huge and definitely have potential in the future, since a lot of money and working time can be saved.

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