Web3Voice – Real-World Use Cases of Smart Contracts

On 21st June 2023, Zeeve held a Twitter AMA session hosted by Karthik MS, Social Media Manager of Zeeve., where Prathamesh Bhaskar, the growth and partnership manager at Quill Audits. , has been invited to discuss the topic, “Real-World Use Cases of Smart Contracts: Highlighting successful implementations of smart contracts in various industries.”

Karthik introduces Prathamesh as the guest for the AMA and asks him to provide an introduction. Prathamesh expresses gratitude for the invitation and thanks Zeve for the opportunity.

Karthik begins the discussion by asking Prathamesh to explain what smart contracts are and how they work, particularly for newcomers to the field of blockchain.

Prathamesh describes smart contracts as digital agreements between entities or companies that execute automatically based on predefined rules. He provides a simple example of two friends using a smart contract to trade cards, highlighting blockchain technology’s transparency and security benefits.

Next, Karthik asks Prathamesh to discuss real-world industries that successfully implement smart contracts and how they leverage this technology.

Answering Karthik, Prathamesh mentions the finance industry, specifically decentralized finance (DeFi), as a sector that has seen significant adoption of smart contracts. He cites examples such as B2B trading, lending, borrowing, and derivative transactions on DeFi platforms.

Prathamesh also mentions the real estate industry, citing projects like Propy and Smart Reality that use smart contracts for purchasing, selling, and managing properties. He further mentions the legal sector, where smart contracts are being used for digital agreements and certificates.

Karthik then focuses on the financial sector and asks Prathamesh to highlight notable smart contract use cases in this industry.

To this, Prathamesh explains Aave and Uniswap as leading projects of DeFi, emphasizing their contributions to lending and borrowing protocols.

The conversation shifts to supply chain management, and Karthik asks Prathamesh to discuss how smart contracts can revolutionize this industry.

Prathamesh describes that smart contracts provide transparency, traceability, efficient inventory management, and streamlined payments and settlements in supply chains.

He mentions a few examples, such as Walmart, Home Depot, and the collaboration between IBM and Merck, where smart contracts have been implemented to improve various aspects of supply chain management.

Finally, Karthik asks Prathamesh for specific examples of smart contract use cases that significantly improve efficiency and transparency in a business process.

Prathamesh highlights the insurance sector, mentioning benefits such as automated claims processing, fraud prevention, and policy management.

He also mentions projects collecting weather data for insurance claims and the collaboration between EVA and GuardTime, which has saved time and cost through blockchain-based solutions.

Thus wrapping up the session, Karthik expresses gratitude to the audience for their time and listening attentively.

To find Prathamesh`s answers to Karthik’s questions on “Real-World Use Cases of Smart Contracts: Highlighting successful implementations of smart contracts in various industries.”

Click the link below and listen to the Zeeve Tech Talk episode.