Thread by @EntityFinance

As we all know the bread and butter of the blockchain space are smart contracts.

Though moving beyond traditional transaction management, let's delve into niche applications and the transformative potential of this tech across various industries.🧵
#MultiversX #EntityFinance

1/ But first, a quick look into the past: Conceptualized in 1994 by Nick Szabo, smart contracts had to wait for the arrival of #blockchain technology to be viably implemented in economic systems. They're now a game-changer for decentralized P2P economies.

2/ Fast forward to today, smart contracts have evolved beyond their initial #applications, permeating various industries and enabling novel use cases:

3/ Research Funding: This field can be revolutionized through SCs by enabling, #decentralized, transparent, and merit-based allocation of funds to research projects. It can facilitate community-driven decision-making and reduce the influence of centralized institutions.

4/ Decentralized Energy Grids: Smart contracts can facilitate #P2P energy trading in decentralized power networks. This would allow consumers to buy and sell surplus energy, optimizing the distribution of resources and reducing dependency on centralized utilities.

5/ Decentralized Identity Management: SCs can provide self-sovereign identity systems, giving individuals control over their personal #data and how it is used. These systems can enable secure, decentralized authentication and authorization for a range of online services.

6/ Disaster Relief & Humanitarian Aid: Here SCs could streamline the distribution of funds by automating the allocation of #resources based on predefined conditions and real-time data. This can ensure that funds reach those in need quickly and efficiently and minimize corruption.

7/ In conclusion, SCs have grown beyond their initial scope, and have the potential to impact a wide range of industries with their niche applications.

Stay tuned for more deep dives on blockchain tech!