This is How Smart Contracts Will Transform the Mortgage Industry

Smart contracts have been a hot topic as of late. With cryptocurrencies popularity increasing at an exponential rate, it’s no surprise that everyone is talking about them.

Typically, when people think of smart contracts, most automatically think of traditional tokens on the Ethereum or Solana networks, but what if there were other use cases; use cases that will disrupt industries not directly related to cryptocurrency and blockchain technology? Well, there is and I’ll get to that in a second, but first, for the people who are not too familiar with smart contracts, I’ll get you up to speed.

What are Smart Contracts?

For those who don’t know, smart contracts are self-executing agreements with the terms and conditions of the underlying agreement written into code. These contracts are stored and replicated on a blockchain network and can be automatically executed when certain conditions are met.

Think of it this way. When you apply for a mortgage or a rental, either the bank or landlord typically requires proof of assets, income, and the disclosure of debts. Once approved, a lease or mortgage (contract) is created between the two parties (renter or homeowner; landlord or bank) that binds both parties to the obligations set forth. If there are…