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Use cases for smart contracts on the Ethereum blockchain

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Smart contracts definitely showcase one of the most exciting applications of blockchain technology by enabling secure and efficient automation of various processes. And with Ethereum being the most popular blockchain platforms, we can expect a versatile and robust infrastructure for building smart contracts.

After looking into some of the major industries in the crypto space, here are 4 common use cases I've come across in regards to smart contracts on the Ethereum blockchain:

  • Decentralized Finance (DeFi): the use of smart contracts here help facilitate transactions like lending, trading and borrowing which in turn helps in democratizing finance, making it more accessible to all, and reducing the need for middle men.For example, Uniswap is one such DeFi platform that uses smart contracts to exchange tokens without the need a centralized matching engine.
  • Supply Chain Management: smart contracts help to automate supply chain processes in a number of different ways- from verifying product authenticity to managing inventory and payments which in turn leads to increasing transparency, real-time data, reducing costs, and preventing fraud.For example, Morpheus Network automates the flow of information and goods between suppliers, manufacturers, distributors, and end customers through smart contracts executed on the Ethereum blockchain.
  • Real Estate: smart contracts enable tokenization of real estate, fractional ownership and help with streamlining transactions. This can help increase liquidity, reduce costs, and also make it easier for all to access real estate investments.For example, Propy uses smart contracts in order to automate and secure the various stages of a real estate transaction which also acts as a digital escrow service.
  • Gaming: Smart contracts enable true ownership of in-game assets, create decentralized gameplays, and facilitate peer-to-peer gaming experiences.For example, Decentraland makes use of smart contracts which allows gamers to buy and sell virtual real estate and in-game assets in a transparent and secure way.

I also came across the use of smart contracts in identity verification, but a couple of questions I have in relation to this are along the lines of how can cases wherein we see discrepancies in the information provided by users are handled? And also whether smart contracts can be audited to ensure its accuracy and efficiency?
It would be great if someone could help me understand this better.

Have you come across some other common use case for smart contacts on the Ethereum blockchain? Would love to hear more about that.
Thank you!

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