Review Article

A Review of Smart Contracts Applications in Various Industries: A Procurement Perspective

Table 5

Benefits of utilizing smart contracts in various industries.

Industry domainBenefits

Agriculture [111, 129, 137]Improve product quality and the associated supply chain and agricultural logistics [111]
Reduce costs, eliminate intermediaries, increase transparency and safety [129]
Automatic execution agreement, safe and real-time transactions, product traceability [137]
Business [21, 27, 49, 57, 60, 61, 65, 66, 85, 87, 91, 93, 95, 112, 118, 135, 144, 154]Eliminate the need for a trusted third party [27, 49, 61, 65, 66, 91, 95, 112, 118, 135, 144]
Avoid the bid price leaked by the lead bidder [49]
Preserve privacy [27, 57, 60, 66, 76]
Ensure time-efficient and secure transactions [60, 112]
Provide cost reductions, faster transaction times, greater transparency, and reduced regulatory burdens [65]
Prevent fraud [85, 118]
Improve the efficacy of transactions and prevent counterfeiting electronics trading [93]
Ensure the integrity and transparency and tamper-safe negotiation process [87]
Prevent bidder collusion [95]
Mitigate endeavors spent on manual manipulation and confirmation [21, 144]
Ensure the agreements will not be breached [154]
Construction & real estate [11, 23, 41, 94, 126, 175]Automate construction payments [41, 94]
Provide more secured and transparent transactions [23, 175]
Record and monitor transactions without the need for of a trusted third party [126]
Execute all financial transactions automatically [11]
Education [35, 62, 68, 72, 89, 96, 146, 167]Solve the issue of default payments of study loans [35]
Promote research data rights management [62]
Provide accurate and reliable information on digital certificates [68, 72]
Decrease bureaucracy in terms of document validation, saving in storage and labor [72, 89]
Manage leave applications and prevent corruption [96]
Prevent forgery of certificates [146]
Improve transcript management [167]
Energy [32, 34, 36, 44, 51, 79, 92, 98, 100, 108, 130, 136, 138, 139, 145, 166, 172, 174, 186]Automated negotiation, settlement, and payment [32, 136]
Eliminate the need for a trusted entity oversight [34, 36, 44, 79]
Protect the data privacy of transactions [44, 100]
Improve the security and completeness of the transaction [51, 108, 172]
Ensure the fairness, transparency, and immutability of the transaction [79, 92, 98, 139, 145, 166, 172, 174, 186]
Automate execution without third-party intervention [92, 98, 130, 139, 145, 166, 172]
Energy demand management [138]
Substitute for written contracts and save file storage space [186]
Entertainment [50, 123, 182, 188]Improve music copyright protection [50]
Provide digital rights management [123, 182]
Provide instant payment, eliminate some intermediaries [182, 188]
Financial [7, 33, 43, 47, 48, 69, 73, 84, 104, 106, 107, 113, 133, 143, 152, 192]Lower execution risk, reduce the number of insurance intermediaries [33]
Predict for market conditions [43]
Automate insurance payment, privacy protection [47]
Improve audit quality [48]
Speed up insurance claims processing and reduce operating costs [69, 84, 106, 113, 133]
Lower policy modification costs and limit insurance fraud [73]
Reduce manual labor and back-office workloads as well as the removal of reconciliation and corporate actions [104]
Improve the transparency, security, and traceability for the loan business [7]
Improve the problems of insufficient supervision ability and low loan efficiency in the transaction process [107]
Decrease information asymmetry [133]
Automate transaction execution without intermediary [143, 152]
Reduce the possibility of corruption and embezzlement [152]
Reduce corporate frauds [192]
Healthcare [8, 29, 53, 76, 82, 109, 110, 125, 131, 157, 176, 177, 183, 190]Improve data transparency in clinical trials [29, 157]
Secure automated remote patient monitoring [53, 82, 177]
Improve the security and privacy of electronic medical records [76, 110, 131]
Protect patient privacy [82, 125, 176, 183]
Improve data sharing [109, 176, 183]
Simplify procedures, reduce transaction costs, reduce administrative burdens, and remove intermediaries [8]
Reduce query pharmacogenomics data time [190]
ICT [28, 30, 38, 42, 45, 46, 54, 58, 59, 63, 67, 70, 71, 74, 75, 77, 78, 80, 90, 101, 115, 122, 127, 132, 134, 142, 150, 151, 158, 159, 161, 162, 165, 168, 170, 171, 173, 179, 187, 191]Automate complex multistep processes [28, 46, 58, 70, 75, 132, 142, 171, 187, 191]
Improve IoT services [54, 71, 80, 115, 191]
Improve information and security management [63]
Access control [59, 67, 90, 134, 168, 170]
Improve identity management [30, 74, 165, 179]
Enhance the security of IoT data sharing management [71, 101, 151, 170]
Increase the security and privacy [122, 159]
Reduce the turnaround time of transactions without third party [38, 173]
Improve trust in the cloud [42, 75, 77, 78, 150]
Safer mobile payment [45]
Combat deepfake videos [127]
Promote a verifiable computation [158, 162]
Provide public cloud storage auditing [161]
Improve data sharing [173, 179]
Manufacturing [103, 163, 184, 185]Utilize the autoexecution to achieve reliable and efficient quality monitoring [163]
Implement a consumer trustworthy ingredient certification scheme [103]
Enhance trust and traceability, prevent tampering with vehicle information and mileage [184]
Improve and strengthen the traceability process [185]
Public management [31, 39, 40, 52, 56, 64, 81, 86, 97, 99, 102, 124, 140, 141, 147, 149, 153, 155, 160, 164, 169, 193]Protect the voter’s privacy [31, 81]
Make testament tamper-proof, secure, transparent [39]
Reduce transaction cost and bureaucracy [40, 169]
E-waste management [52]
Improve the process of registering transactions in the land administration system [56, 160]
Reduce corruption [64, 149]
Eliminate a trusted third party [81, 97, 140, 169, 193]
Manage value-added tax payment [97]
Enable secure and privacy-preserving identity management [99]
Reduce the required workforce needed for the recruitment selection process and add more transparency and trust [102, 164]
Ensure the unique data source of government data resources [124]
Provide traffic event detection and source reputation assessment [141]
Realize digital resource copyrights transactions and protection [147]
Avoid malicious and false payment [149]
Automate routine audit processes [153]
Improve official document management [155]
Supply chain [6, 24, 37, 55, 83, 88, 105, 114, 116, 117, 119121, 128, 148, 156, 178, 180, 181]Increase transparency and trust [24, 37, 55, 83, 105, 119, 156, 180]
Monitor products and automate the tracking and clearance processes [6, 24, 55, 83, 114, 121, 128, 178]
Improve quality management and demand-supply management [24]
Reduce intermediaries, transaction costs, and time [6, 88, 114, 116, 117, 156, 178]
Manage shipment conditions, automate payments [6, 116]
Improve business process reengineering across enterprise borders [116, 117, 119]
Streamline the administrative processes and automatize the transactions [120, 148, 181]