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IOT adoption is a big challenge for the security sensitive and highly regulated banking industry. WThree major reasons why banks are still not considering IOT.Data Apathy – Most banks are terrible at using data to its full potential,Business Model Inertia – Most impactful IoT use cases require fundamental shifts in the business models which is difficult for regulated organizations like baks.ith the benefits of IoT, comes challenges such as in the area of security and privacy. With the explosion of devices and sensors, cybersecurity takes on a whole new dimension – not just for institutions but also for consumers. With more digital connections and information being transmitted, digital vulnerabilities are likely to expand exponentially.But with the deployment of billions of new endpoints, there will be opportunities for all industries, including banking.Few use cases are clearWorkplace safety- Premise monitoring, employee authenticationSupply chain monitoring like cash van trackingIdentity ManagementIdentification and authenticationCollateral & loan arrangement verificationMobile Check-in to branch- Mobile banking usage is on the rise globally. Using location aware technologies will allow clients to automatically "check in" to the branch and schedule appointments before they arrive. When the customer walk in the door, the banker will be fully up to speed on ze unique financial situation. It's a proactive, fast, and customized process for every customer.Payments, especially the micro paymentsCorporate borrowing Management- Corporate borrowers from manufacturing industry usually have a line of credit with banks for purchasing raw materials and to manage the production & regular expenses incurred. This is usually given as a running credit line /overdraft / working capital loan and banks take raw materials, WIP & finished goods as collateral.Presently the bank must monitor the inventory levels, cost of materials, sales and more to ensure that the loan agreement is being followed and that the borrower is not indulging in fraudulent practices.This process takes up many man-hours between the highly paid loan officer, the credit officer and loan administration staff to manually verify and document the stocks and is still not fool proof as there is lot of manual involvement.Using IoT, the bank can install sensors in its borrower's premises in the assembly line that track the raw, in-process, and finished inventory.Those sensors update the raw materials, produced stock numbers and can sync with the account balance and availability, and it can verify that the loan is paid down appropriately when sales are made.The business owner can upload any invoices or other required documentation with a picture snapped in the bank's smart-phone app.Linking personal health to investment portfolioBlockchains

Applications of e-signature are spread over several sectors. It is a pristine way of getting documents approved when the said person is not physically present. It maintains authentication through AI algorithms which also ensures it is not duplicated. It is used in various financial sectors to approve transactions. It is also used during the online KYC process for customer identification. It is a one-step solution and helps in employee management as well.E-signatures get properly encrypted and can be traced by audit trails which are automatically generated using information like current location, the device used etc. They can range from regular email-based e-signature that you can use via Gmail to the signatures that use a USB crypto key. This can be used in any documents except the government ones.Online service providers for e-signature can use their own API’s and integrate e-signature in it. This will prevent non-repudiation and is an excellent way of ensuring the integrity of their service. Some prominent applications are:1) Business transactions and asset transactions and corporate contracts between entities, invoices and GST submission.2) Authorization of banking Documents like Loan Agreements, Account Opening and On-boarding, Consent Forms.3) Authorization in insurance Claims.4) Authorization of agreements(Rental, Purchase, MOU, NDA and more).5) Transfer of ownership and real estate Documents.6) By telephone and Internet Service Providers.Disclaimer: I’m the co-founder and CEO of PiChain. We are deeply involved in the area of e-Sign or Digital Signature.

Great question, here we go:Overview:A smart contract is a computer protocol thAT facilitateS, verifies, and enforces a contract. Smart contracts allow the performance of credible transactions without third parties. These transactions are trackable and irreversible, making smart contracts very trustworthy and reliable.Basics:Smart contracts are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. The code and the agreements contained therein exist across a distributed, decentralized blockchain network. Smart contracts permit trusted transactions and agreements to be carried out among disparate, anonymous parties without the need for a central authority, legal system, or external enforcement mechanism. They render transactions traceable, transparent, and irreversible.While blockchain technology has come to be thought of primarily as the foundation for bitcoin​, it has evolved far beyond underpinning the virtual currency.History:Smart contracts were first proposed by Nick Szabo, who coined the term, in 1994. With the present implementations, based on blockchains, "smart contract" is mostly used more specifically in the sense of general purpose computation that takes place on a blockchain or distributed ledger. In this interpretation, a smart contract is not necessarily related to the classical concept of a contract, but can be any kind of computer program.Many kinds of contractual clauses can be made partially or fully self-executing, self-enforcing, or both. The aim of smart contracts is to provide security that is superior to traditional contract law and to reduce other transaction costs associated with contracting. Various cryptocurrencies have implemented types of smart contracts.Real Life Use:One great example is Ethereum, it’s most most successful and popular smart contract platform. You can find out more about Ethereum right here:Ethereum Explained - Illustrated Beginner's GuideEthereum ProjectTo learn more about how Blockchain technology works and how it’s connected to smart contracts, take a look at this free, illustrated guide:Blockchain ExplainedExamples of Use Cases:Digital IdentitySmart contracts can allow individuals to own and control their digital identity containing data, reputation and digital assets. It permits individuals to decide what data to disclose to counterparties, providing enterprises the opportunity to seamlessly know their customers.Counterparties will not have to hold sensitive data to verify transactions. This reduces liability while facilitating frictionless know-your-customer requirements. It also increases compliance, resiliency and interoperability.RecordsSmart contracts can digitize the Uniform Commercial Code (UCC) filingand automate their renewal and release processes. They can also atomically perfect a lender’s security interest loan creation.They can automate compliance with rules that require destroying records at a future date. They also make possible UCC liens that auto-release, auto-renew or automatically request collateral. In performing such functions, smart contracts reduce legal costs.SecuritiesSmart contracts can simplify capitalization table management. They also circumvent intermediaries in the chain of securities custody and facilitate the automatic payment of dividends, stock splits and liability management, while reducing operational risks.With securities on a distributed ledger, smart contracts digitize work flows.There are considerations with securities.The cryptographic signature of the State of Delaware can require enabling legislation to clarify that Delaware corporate law permits registration on a distributed ledger.While issuers will welcome visibility into who owns their securities, some buy-side firms protect this information.Trade FinanceSmart contracts can streamline international transfers of goods via fast Letter of Credit and trade payment initiation, while enabling a greater liquidity of financial assets.They can also improve financing efficiencies for buyers, suppliers and institutions.There are trade finance considerations. Industry standards for smart contract procedures are needed for wider acceptability.The legal implications in case of an execution fall-out has to be determined, particularly in the cases of disputes and defaults.The integration of settlement systems, technology requirements and off-chain ecosystems are important to success.DerivativesSmart contracts can streamline post-trade processes, removing duplicative processes executed by each counterparty for verifying trades and conducting appropriate trade events. They enable a standard set of contract conditions and optimize post-trade processing of over-the-counter derivatives. They also enable real-time valuation of positions for monitoring and reducing errors.When considering derivative smart contracts, it is important to address protocol changes related to regulatory reform.Financial Data RecordingFinancial organizations can utilize smart contracts for accurate, transparent financial data recording. Smart contracts allow for uniform financial data across organizations, improving financial reporting and reducing auditing costs.By improving data integrity, smart contracts support increased market stability. They also reduce accounting costs by allowing cost sharing among organizations.Interoperability among the distributed ledger network and legacy systems is important in financial reporting.MortgagesSmart contracts can automate mortgage contracts by automatically connecting the parties, providing for a frictionless and less error-prone process. The smart contract can automatically process payment and release liens from land records when the loan is paid.They can also improve record visibility for all parties and facilitate payment tracking and verification. They reduce errors and costs associated with manual processes.Digital identity is a key requirement.Land Title RecordingSmart contracts that facilitate property transfers can deter fraud, improve transaction transparency and efficiency, and strengthen confidence in identity. They also reduce auditing costs.Common protocols need to be developed for electronic record filing.Supply ChainSmart contracts can provide real-time visibility for every step in a supply chain. Internet of Things devices can record each step as a product moves from a factory floor to the store shelves.They facilitate granular-level inventory tracking, benefitting supply chain financing, insurance and risk. Such enhanced tracing and verification reduce the risk of theft and fraud.The identities of supply chain players have to be attested over time, including companies, institutions, individuals, sensors, facilities and products.Auto InsuranceSmart contracts can improve the disjointed car insurance process. A smart contract can record the policy, driving record and driver reports, allowing Internet of Things-equipped vehicles to execute claims shortly after an accident.They automate claims processing, verification and payment. Each policyolder’s repository includes driving record, vehicle and accident report history. Eliminating duplicated reporting will yield savings.Cross-industry collaboration is needed to address technological, regulatory and financial challenges.Clinical TrialsSmart contracts can improve clinical trials through increased cross-institutional visibility. Privacy-preserving computation improves data sharing between institutions while automating patient data.They can streamline processes for trials, improve access to cross-institution data, and can increase confidence in patient privacy.Authentication, authorization and identity remain open issues for smart contracts executed on blockchain-enabled networks.Example source: Smart Contracts: 12 Use Cases For Business And Beyond (an excellent article, take a look)I hope this helps, please let me know if you have more specific questions.SimonObligatory Disclaimer: My posts and answers are for informational purposes only and are NOT financial, investment, legal, or tax advice. Always do you own due diligence and always consult an independent financial advisor before making any trade or investment. This post is my personal opinion and does not reflect the views and opinions of Upfolio and any of its shareholders, founders, and employees.