Another useful benefit of Blockchain Technology is the “Smart Contracts,” automations which facilitate more efficient transactions.
These automations reduce the need for human intervention and dependence on third parties to verify if terms and conditions of a contract have been met. They automatically trigger the next steps in the transactional process.
A quick example of a Smart Contract: The Smart Contract triggers the call for an emergency repair company for a broken traffic light through a sensor that flags the issue. The City of San Francisco then automatically releases funds to pay the subcontracting company immediately after the workers fix the problem rather than delaying payment as a result of human verification.