.Banking & Financial Services Contracts. The use of smart contract in the banking sector can speed up banking transactions and simplify several financial procedures
ICOs or DAICOs
ICO or token sales can be made much effective with the help of Ethereum smart contract. It enhances the sale process, makes it more fair and transparent. Vitalik Butetrin recently announced that DAICO model is a combination of both DAO and ICO model. The DAICO variable called ‘tap’ is used along with DAICO smart contract by the development team in a DAICO model. The old ICO contract it starts with ‘contribution mode’ like the old ICO contracts where the investors were free to contribute Ether in compliance with the rules of the ICO.
In the DAICO model, the ‘tap’ button decides the amount of ether the developer can withdraw per second from the contract and this withdrawal limit is decided by the DAICO contributors. This keeps a check on the developers as they get restricted on the withdrawal limit and thus unable to run with the whole contributed money. This is how Ethereum smart contract can be used to efficiently manage and scrutinize the ICOs.
Prediction Markets
Prediction market has existed for many decades but cannot become mainstream due to involved risks. However, with the help of ethereum blockchain, knowledgeable players can gain a considerable amount. There is a better chance of prediction when the forecasters and researchers accumulate the data to predict the probabilities of future events.
The use cases are expansive: Banking, Defi, Staking, Gaming, Network and miner fee settlement, lending, trading and collateral for other assets etc. So many use cases in the real-time!!