13 Blockchain Non-Financial Use Cases and Business Opportunities

3. Smart contracts

Another thing that could be extremely useful for many companies are smart contracts which are made possible by the blockchain technology. For instance, once you make a payment to a third party, you may not always trust that said third party will complete the job you are paying them to do. So, the contract has a clause that says the payment is released only when the job is confirmed as complete. That condition placed on the payment being made could be the confirmation that a delivery was made, for instance, or perhaps even a GPS location signal.

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