”Smart-Contracts” are one very exciting use of Blockchain technologies. One potential use-case is for Package delivery companies such as UPS, DHL and FedEx to execute smart-contracts as each delivery is made. The smart-contract would say, ‘If I receive cash on delivery at this location in a developing, emerging market, then this other , many, many links up the supply chain, will trigger a supplier creating a new item since the existing item was just delivered in that developing market.’” All too often, supply chains are hampered by paper-based systems, where forms have to pass through numerous channels for approval, which increases exposure to loss and fraud. The blockchain nullifies this by providing a secure, accessible digital version to all parties on the chain and automates tasks and payment.
Jerry Cuomo, vice president for blockchain technologies at IBM, believes smart contracts can be used all across the chain from financial services to healthcare to insurance.