Smart contracts can be used across industries to streamline and automate doing business down the street or around the world.

Reimagine dispute resolution

Discrepancies in financial settlements are costly, taking weeks or months to research and resolve. Smart contracts that codify agreed-upon business rules automate processes such as identifying discrepancies, reconciling documents, settling transactions, and resolving disputes.

Build a resilient supply chain

IBM Blockchain supply chain solutions use smart contracts to streamline the flow of goods by automatically triggering next steps when conditions are met, such as shipping, delivery, and acceptable IoT data about conditions during handling. Participants can act earlier to prevent disruptions should an unexpected event occur.

Bring trust to trade finance

Smart contracts are an essential component of we.trade, the trade finance network convened by IBM Blockchain that is creating an ecosystem of trust for global trade. Standardized rules and simplified trading options encoded in smart contracts decrease risk and help participants find new opportunities.

Reinvent bank letters of guarantee

Using blockchain and smart contracts, a consortium of banks digitized and transformed the bank guarantee process for both financial and performance guarantees. The new platform, Lygon, enables applicants, issuers and beneficiaries to obtain legally binding guarantees in one day.

Source : https://www.ibm.com/topics/smart-contracts