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RESEARCH, ANALYSIS & TRENDS

contract options are eliminated, because the source Legitimate, intelligent, and flexible contracts for efficient
code of smart contracts contains instructions that react processing, away from the new technology, are already
to certain conditions immediately. If a condition comes usable and enrich different industries, like in the energy
into force or is met, for example, the transaction of a supply, telecommunications, retail, mobility
certain amount takes place. management, insurance and automotive industries.

Especially in combination with the Internet of Things in Another hurdle is the currently still required high
Industry 4.0, there are advantages in favor of more computing power, which turns out to be true electricity
efficient processes, such as supply chain management. guzzler. Companies should therefore use the latest
However, so far, the widespread use fails due to lack of technologies to benefit from compliance and flexibility
suitable business models. For various industries, there in contract execution.
is currently still no benefit in the technology.
For vendors, however, the step towards the digitization
More efficient are intelligent contracts that work just like of sales is worthwhile, because with the accompanying
the blockchain-based smart contracts and are already automation, cases of fraud can be effectively
of good use for companies today. Cheaper and with prevented, and sources of error reduced considerably.
immediate applicability, the establishment of intelligent
contracts is worth the effort, away from the blockchain In the automotive industry, for example, digital
hype, in existing business models. distribution enables optimal resource management of
the fleet, with the effect of increasing the profitability of
Great hype car-sharing providers and car rental companies. This
long overdue step not only enriches the automotive
Although Blockchain and Smart Contracts are heralding industry but also the sales channels across all
in a new digital era, the technology is still at the industries. Individual demands from consumers as well
beginning of its development and there is a lack of as from suppliers can be easily met today thanks to
portable business models outside the BitCoin. Even intelligent contracts. ◊
interfaces and components that make their use in
everyday work possible are not yet available. By Daniela La Marca

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