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1. 10 areas of application for Ethereum Smart
Contracts
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2. Ethereum - Introduction
Ethereum represents the second generation of blockchains after the technology
became known with Bitcoin. In contrast to Bitcoin, the Ethereum blockchain is
also able to work with smart contracts . Smart contracts provide if-this-then-that
logic.
This enables actions to be carried out automatically between companies or
within the company. Smart contracts enable the administration of all actions
relating to payment transactions, but offer many more functions. The
best-known areas of application for smart contracts can be found in supply
chains. Of course, this also applies to smart contracts when used in the
Ethereum blockchain.

3. Digital transformation with the blockchain
In the Ethereum blockchain development, it is possible to
use various programming languages, for example Solidity, to
program smart contracts and save them in the blockchain.
Bitcoin is unable to do this. In this post we show some of
the most popular ways to use smart contracts in the
Ethereum blockchains. Smart contracts are generally
computer programs that are stored in the blockchain and
can also perform actions in the blockchain.

4. Enterprise Ethereum Alliance expands the possibilities
The Enterprise Ethereum Alliance is expanding the
specifications that are available for smart contracts in the
Ethereum blockchain, but also all other options in the Ethereum
blockchain. The alliance has the task of promoting the use of
Ethereum in companies. The Enterprise Ethereum Alliance is
one of the world's largest blockchain initiatives. For example,
Santander, Accenture, Microsoft and other large companies are
involved.

5. Contracts for banks and financial services
Since smart contracts are a function of blockchain technology, areas of
application around and around the topic of financial services are of
course particularly well known. Since Bitcoin, blockchains have been
known primarily for cryptocurrencies and financial transactions. For
this reason, when using the Ethereum blockchain, in addition to the
crypto currency ether, smart contracts can also be used, which focus
on financial services and the transfer of currencies.

6. Startups: Initial Coin Offering and Decentralized Autonomous Initial Coin
Offering
initial Coin Offering (ICO) and Decentralized Autonomous Initial Coin
Offering (DAICO) are also processes that can be optimally processed
with smart contracts. For cryptocurrencies, an ICO basically
corresponds to the process known as the Initial Public Offering (IPO)
for securities. In an ICO, the developer of a new cryptocurrency offers
part of the currency for sale for a while. Either conventional
currencies or other crypto currencies are conceivable as payment.

7. Smart contracts replace middlemen and supervisory bodies
Trustees and intermediaries are necessary for many projects and
campaigns between companies. These are expensive and delay
processes, especially in international transactions. The development
of Ethereum blockchain and smart contracts can be used to replace
middlemen. Basically, a DAICO's smart contract is also a digital
broker that controls the disbursement of chapters. Smart contracts
can also be useful in other areas in this way and serve as an
intermediary.

8. Digital identities - preventing identity theft
With the development of Ethereum blockchain, it is also
possible to prove digital identities beyond doubt via smart
contracts. The technology can also be used for access
control via RFID chips. With the blockchain, digital identities
can also be displayed in a forgery-proof manner, which also
prevents identity theft.

9. Exchange sensitive data - digital patient files
Smart contracts also enable the exchange of sensitive personal data,
for example patient files. The smart contract can be used to control
which group of people has access to the individual areas of the
patient record. This prevents unauthorized persons from gaining
access to patient data, but at the same time ensures that the data is
still available to the people who are supposed to view it. The
authentication of the persons can in turn be handled in a
forgery-proof manner via the digital identities, which can also
represent a smart contract, possibly even the same one.

10. Prevent product counterfeiting with smart contracts
As part of the international tracking of supply chains, it is also possible to identify
products at any time. The supply chain is processed using smart contracts, and the
individual products can also be recorded in the blockchain. As a result, the
blockchain recognizes every product and knows its location. Using sensors or chips,
it is possible to quickly identify counterfeit products. Similar technologies are used
here, as with the use of digital identities in the blockchain and the integration of
sensitive information.
Smart contracts ensure the integrity of the supply chain and the products it contains.
All routes that a product takes in a supply chain are part of the blockchain and are
therefore permanently stored. This transparency also enables comprehensive
tracking.

11. Ensure the cold chain with smart contracts
Not only can counterfeit products be prevented with smart
contracts, supply chains can also be traced. The smart
contract also enables cold chains to be tracked. In the
blockchain, it is fully traceable when, where and for how long a
product was stored. Together with RFID chips and sensors,
whose data is also stored in the blockchain.

12. Supply chain law and smart contracts in the blockchain
At the same time, a smart contract can also help to check
environmental protection and, above all, compliance with human
rights within the scope of the Supply Chain Act (“Act on Corporate
Due Diligence in Supply Chains”). The blockchain offers numerous
possibilities here, especially in international supply chains. From
2023, all companies with more than 3,000 employees will have to
comply with the law, from 2024 all companies with more than 1,000
employees.

13. Smart contracts in the HR department
Smart contracts can also be used in the HR department. Since sensitive
data is also stored here, similar to that in patient files, the blockchain can
help to make the data only accessible to people who are authorized to do
so. Here, too, smart contracts help ensure that the accessing employees
can be identified using digital identities. Of course, it is also possible to
process employment contracts using smart contracts. However, these
processes still belong to the rare areas of application, but will probably be
used more frequently in the future. Payroll accounting is also possible via
the blockchain, as is payment via smart contracts. Payment with a crypto
currency is also possible here.

14. Check certificates and qualifications
Smart contracts can also be used for training and further education
to ensure that certain certificates are not falsified. When checking
qualifications, ambiguities arise time and again, which causes
significant effort. Smart contracts between training institutes and
companies make such checks easier and faster. In addition, there
are the most important advantages of the blockchain: forgery-proof,
transparent and unchangeable.

15. Conclusion
We discussed the possibilities that smart contracts with the Ethereum
blockchain offer. It is worthwhile to examine the possibilities of smart
contracts more closely, since most companies have numerous areas of
application for smart contracts, which can significantly accelerate processes
and make them more secure.
Blockchainx is a well known ERC20 token development company. We provide
complete ERC20 standard token development solutions that help companies
launch their own tokens, and then raise funds on it.

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