- The companies using smart contracts will be leading as adoption goes mainstream.
Top 5 Companies Using Smart Contracts
Smart contracts are already changing the way agreements are made in the digital world. Built on the Ethereum platform, they take out the middleman and execute on contract terms automatically, based on rules put in place. This technology has the potential to shake up a wide variety of industries from finance to healthcare.
Slock.It and Share&Change – thanks to smart contracts, Slock.It and Share&Change is changing the way the sharing economy works. Several companies use Slock.It when they want to automate sharing, rentals, and payments. Slock.It uses smart contract technology to automate the process of paying at the electric vehicle charging stations. Slock.It also develops Universal Sharing Network, which is an open-source network that develops block chain application modules. When complete, it will ease the sharing and will allow 3D parties to add any object (service, product, etc.) to the network. When complete, the process will become very simple for users.
Fizzy AXA – the company that takes flight insurance to the block chain. Their idea is pretty simple – they challenge working with airlines to get compensated for late flights, even if you have travel insurance – and even then, it can be difficult depending on why the flight was delayed. Their use of smart contacts is based on parametrical insurance, in which users are not compensated for total loss, but rather loss outside the traditional rules of insurances. This insurance is based on a triggering event. As of now, the product is only available for flights between the Paris and U.S., with plans to further expand in 2018.
Etherparty – this startup allows users to build their own smart contracts. Etherparty was launched with 500 pre-registered users, who can access pre-made template in their beta product. To use Etherparty, the clients do not need any prior programing r smart contract knowledge to create a number of contract types. This product allows companies to adopt the quickly and easily adopt the technology, streamlining processes, mitigating risks, and more.
PrimaBall – Is a gambling software, it sues smart contracts to pick winners and distribute the prizes. This significantly increases the winning chances. It’s Decentralized raffle is based on Ethereum MainNet and is fully controlled by smart contract that determines wins and prize distribution. They developed an algorithm that would ensure all of ideas are implemented and they take independent experts to asses the concept.
Populous – company that handles incisive finances and sees it as a way for business owners to get their money from unpaid invoices. Invoice buyers pay up front to takeover the invoice for the business and then get paid the original amount when the debtor pays the invoice. The product of this company is currently localized and represents a small space in the market, making it easy for anyone to buy and sell outstanding invoices on the block chain using smart contracts. With Populous, the invoice seller uploads the invoice and terms, buyers imply choose to finance the money and all transactions are automatically facilitated via smart contract terms.