How can you evaluate the impact of smart contracts in different industries?

1 Use cases and benefits

The first step is to identify the use cases and benefits of smart contracts for a specific industry. For example, in the supply chain industry, smart contracts can track the movement of goods, trigger payments, and enforce quality standards. In the insurance industry, smart contracts can simplify claims processing, reduce fraud, and lower costs. In the legal industry, smart contracts can facilitate contract creation, execution, and enforcement. Each industry has its own pain points and opportunities that smart contracts can address.

3 Skills and competencies

The third step is to evaluate the skills and competencies required for smart contracts in a specific industry. For example, in the education industry, smart contracts may require skills in digital credentialing, online learning, and blockchain literacy. In the energy industry, smart contracts may require skills in smart grid, renewable energy, and peer-to-peer trading. In the gaming industry, smart contracts may require skills in game design, tokenomics, and non-fungible tokens. Each industry has its own skill sets and competencies that smart contracts demand.

4 Stakeholders and networks

The fourth step is to identify the stakeholders and networks involved in smart contracts in a specific industry. For example, in the real estate industry, smart contracts may involve stakeholders such as buyers, sellers, agents, lawyers, and lenders. In the agriculture industry, smart contracts may involve stakeholders such as farmers, consumers, distributors, and regulators. In the art industry, smart contracts may involve stakeholders such as artists, collectors, curators, and galleries. Each industry has its own ecosystem and network that smart contracts affect.

5 Standards and best practices

The fifth step is to follow the standards and best practices for smart contracts in a specific industry. For example, in the e-commerce industry, smart contracts may follow standards such as ERC-20 for fungible tokens, ERC-721 for non-fungible tokens, and ERC-1155 for mixed tokens. In the travel industry, smart contracts may follow standards such as Winding Tree for decentralized travel distribution, Travala for blockchain-based booking, and LockTrip for zero-commission travel marketplace. In the charity industry, smart contracts may follow standards such as GiveDirectly for direct cash transfers, Alice for social impact tracking, and BitGive for transparent donations. Each industry has its own standards and best practices that smart contracts adhere to.

6 Innovation and trends

The sixth step is to monitor the innovation and trends of smart contracts in a specific industry. For example, in the sports industry, smart contracts may enable innovation such as fan tokens, fantasy sports, and sports betting. In the media industry, smart contracts may enable innovation such as decentralized social media, content monetization, and digital identity. In the manufacturing industry, smart contracts may enable innovation such as smart factories, internet of things, and predictive maintenance. Each industry has its own innovation and trends that smart contracts drive.