The convergence between smart contracts and information technology (IT) has given rise to a new paradigm of automation and security in digital transactions. While in the first part we explored the fundamentals, in this second part we dive into advanced use cases, emerging technologies and the technical challenges faced by technology companies in implementing smart contracts at scale.

New Opportunities for the Application of Smart Contracts in IT

The implementation of smart contracts It is increasingly integrated into the business architecture of specific sectors, beyond the most common applications in finance and blockchain. Below are some of the advanced use cases that are emerging thanks to the interaction between ITEM and smart contracts.

IoT and smart contracts: Automating connectivity

One of the areas where the interaction between ITEM and smart contracts has a significant impact on the Internet of Things (IoT)Smart contracts can be integrated with IoT devices to create systems that automatically respond to real-world events. For example, in the automotive industry, a smart contract can execute a payment when an autonomous vehicle completes a delivery, automatically checking pre-set conditions (such as arrival at the destination or delivery time).

The relationship between blockchain, IoT and smart contracts can also enable urban infrastructures where access to services (transport, energy) is managed autonomously through smart contracts. This is a great opportunity for IT companies, which will have to create the technological infrastructure to manage and secure these interconnected ecosystems.

Smart contracts and cloud computing: Billing and service control

The use of smart contracts to manage cloud services is another key development. Cloud providers cloud computing They can integrate smart contracts to monitor resource usage and automatically generate bills based on consumption. For example, a company could use smart contracts to bill based on bandwidth or storage consumed, which optimizes resource management and avoids disputes.

This also gives rise to a new type of service level agreements (SLA), where companies ITEM They can dynamically adjust costs based on customer needs, based on automation provided by smart contracts.

Insurance and smart contracts: Automated claims

In the sector of the Insurance, smart contracts are automating claims management. For example, a smart contract can automatically execute upon verification of an insured event, such as a flight cancellation, and release funds to the customer without human intervention. IT companies They play a key role in providing the infrastructure to connect databases and sensors that validate these events.

Technical Challenges of Smart Contracts in IT: Scalability and Sustainability

Despite ample opportunities, the implementation of smart contracts in the IT ecosystem faces significant technical challenges. Below we detail some of the key challenges faced by technology companies by integrating this technology on a large scale.

Scalability limitations in blockchains

One of the main challenges of the platforms blockchain that support smart contracts is the scalability. Networks like Ethereum have experienced congestion problems and high transaction costs. To overcome these problems, companies in ITEM are exploring solutions such as sidechains and the Layer 2 solutions, which allow transactions to be processed off the main chain.

Energy consumption and sustainability

Another challenge is the high energy consumption associated with blockchains that use proof-of-work (PoW) consensus mechanisms. However, the transition to proof of stake (PoS), as in the case of Ethereum, is helping to reduce this consumption. Companies in ITEM are leading the creation of energy-efficient solutions in this area.

Privacy and data protection

The privacy and the regulatory compliance are other important challenges. Despite the transparency of the blockchain, companies ITEM are exploring technologies such as Zero-Knowledge Proofs (ZK-Snarks)) and the private smart contracts to ensure that sensitive data is not exposed unnecessarily. This is crucial in sectors such as health, where regulations such as the GDPR in Europe.

The Future of the Relationship Between IT and Smart Contracts

As the smart contracts become more deeply integrated into the enterprise technology infrastructure, their relationship with ITEM will continue to evolve. The emerging technologies like the artificial intelligence (AI) and the robotic process automation (RPA) are beginning to converge with smart contracts, creating new opportunities to manage automated workflows.

In short, the IT companies that proactively address technical challenges and explore new opportunities will play a key role in the mass adoption of smart contracts, transforming business processes and creating a more automated and efficient future.