Blockchain technology will be a game changer in many fields, cutting out middle men and third-parties for efficiency and cost reduction. But blockchains need the right operator for more efficiency. Here comes the smart contracts. Smart Contracts are automated protocols that make sure agreements are met with accuracy.
Here are some examples for the applications of Smart contracts:
1- Insurance companies
Smart contracts are highly applicable in the financial sector, particularly insurance companies. Automating Policies and services, better way of managing claims, and reducing fraudulent activities , just to name a few.
2- Health systems
Allowing data transactions without risking the privacy of patients, safely recording data which can help researchers and doctors using them for their academic purposes.
3- Government
A smart contract can help ensure a trustworthy result in the voting system. Using smart contracts for voting protects votes from fraud. When a voting transaction is written, developers cannot change it. It may be a bit bitter for governments to accept the idea of cryptocurrency and decentralized identities but smart contracts are important for democracy and guarding the voting rights of people
4- Wallets
Non custodial wallets mean that you as the owner should take responsibility for your crypto assets. There are hot and cold wallets but even though smart contracts wallet is a thing and offers several features such as recovery without seed phrase, and automatic blocking transfer. Ledger, Prokey and Trezor, to name a few.
Reference : https://prokey.io/blog/what-is-a-smart-contract-and-how-does-it-work