Smart contracts usage in banking

Banking, finance and insurance sectors that have adopted would blockchain technology find smart contracts really helpful. Unlike all the complications, procedures and bulky paper works involved in conventional contracts, the smart contracts from blockchain technology are simply automated and runs seamlessly when certain conditions in its programming are met.  

This reduces human interference, lengthy processes, intermediaries, a pile of papers, and cluttering. The best part is that it makes the whole process 10 times faster than the conventional method. Concerning insurance, issuance policies make the entire insurance business gulp plenty of valuable time.  

In the U.S for instance, processing an insurance claim could take any time from 80days and above with lots of cumbersome processes in those 80+ days. But with blockchain technology, time reduction is not just a relief, but there is increased security, transparency, and traceability for every claim leading to a pay-out.