Soroban and its disruptive solutions

Today, not only the financial sector benefits from blockchain technology, but also other sectors that have found many opportunities to apply it. Something interesting to highlight is that when there is a problem you always go to solve it in a creative way and I think that’s when the best ideas come out.

We had seen that Soroban helps quite part of smart contracts and today I wanted to find out more about which sectors can work, but in a disruptive way, because in this ecosystem there are no limits for the creation of new projects.

Specifically, I wanted to launch some project ideas in areas such as music, art, health and supply chains, since for example education and entrepreneurship had touched on it in another article. These industries are very interesting to investigate because not everyone is encouraged to look beyond the financial part, but in my case they are of interest to me and also I want to see beyond the horizon.

So I leave you with these ideas (created in collaboration with Chat GPT) that I hope not only because you interest but also maybe you can adapt and execute them in your community:

Innovative applications of Soroban

• Decentralized music: The music industry is full of intermediaries that limit artists' profits, I saw several cases of acquaintances who want to create on their own because they saw there is a lot of injustice in terms of their profits. But with Soroban, this could change so that musicians can receive automatic payments every time they listen to or download a song, without relying on third parties, they can design or modify their own contract and get greater rewards and reach international markets without worrying about depending on someone else.

Idea with Soroban: Smart contracts that automatically manage royalties for each reproduction, ensuring fair and fast payments to artists.

• Tokenization of art: It didn’t happen that sometimes you wanted to have a certain work of art, but either it’s very expensive or it’s in another country, that’s why this idea I liked quite because it would with Soroban, not only one person would own the art but those who wanted to invest in unique pieces by fractions of it. The purchase and collective ownership of these works would be managed, making them more accessible but also having the certainty that it is an original work.

Idea with Soroban: Create a platform for the purchase and sale of tokenized art, where property rights and auctions are managed automatically.

• Health and data security: In the area of health, a latent problem is the number of people to be treated, especially in public establishments where there must be adequate management of medical data. Smart contracts would ensure that all this documentation will not be altered, erased or lost and that only authorized personnel can access it, protecting the integrity and privacy of patients. But it could also contribute a lot to digitize and manage other relevant information which would help in terms of time, money and space.

Idea with Soroban: Smart contracts that manage the secure transfer of medical data between hospitals, ensuring that only authorized providers can access.

International trade: Another interesting area where smart contracts would help a lot would be in import and export, here is handled a whole supply chain that unfortunately cannot be controlled 100% so what can be done about it, Yes, apply Soroban to automate the traceability of products from their origin to the final customer, ensuring transparency and authenticity. They would also no longer depend on forwarding agencies or other intermediaries, which meant more costs and time.

Idea with Soroban: Implement smart contracts to track products in the supply chain, ensuring authenticity and generating alerts for any irregularities.

These are some ideas of what could be created, I wanted to touch on these areas specifically because they are important today and because I also like to explore how art and music.

If you noticed, this is a great help because in all the cases we studied those intermediaries that cost time and money are eliminated, but now you can have control of all this and make the most of it.

In previous articles I had mentioned that you can create many more projects with Stellar and Soroban, as you see there are a lot of problems to solve, but that will depend on your interests and the innovative solutions you propose, but also that you find a good team to run it.

Conclusion

Soroban is the future of smart contracts in non-financial sectors, because it’s revolutionizing key industries by providing a robust and adaptable platform for creating smart contracts. From music to education, through art and health, this tool has the potential to transform the way we interact with technology and business.

Entrepreneurs, creatives and professionals from all industries can use Soroban to develop innovative solutions that improve efficiency, transparency and equity in their sectors.

I encourage you to continue learning more about this ecosystem by attending talks, events, communities and other activities to get to know the work that is being done today on blockchain, cryptocurrencies and everything that the web3 implies.

I know you’ll love it!

*Why This Matters?

Soroban is not just a blockchain platform, but an innovation engine that can transform key industries. Smart contract technology has the potential to make sectors like music, art, health and education more accessible and safe. By eliminating intermediaries, improving transparency and automating processes, Soroban contributes to the democratization of systems and greater equity for creators and users. For entrepreneurs, it provides a platform where the most disruptive ideas can come to life.

*FAQ

What is Soroban and how does it differ from other blockchain platforms? Soroban is Stellar’s smart contract engine, designed to be flexible and efficient. It differs from other platforms in its focus on scalability and building blockchain applications for use cases that are not just financial.

Which industries can benefit from the use of Soroban? Although Soroban can be applied to any sector, its greatest impact has been seen in areas such as music, art, health, supply chain and education where transparency and automation are key.

How can Soroban help entrepreneurs? Soroban enables entrepreneurs to implement innovative solutions in their businesses, such as product tokenization, property rights management and automatic data verification, which improves operational efficiency.

Can I start using Soroban if I have no previous experience in blockchain? Yes, Soroban has been designed with an easy to use interface for both beginner and advanced developers. In addition, there are many resources and tutorials available to learn how to implement it in different use cases.

How does Soroban ensure security in transactions? Soroban takes advantage of the Stellar infrastructure, which is known for its high security. Smart contracts are audited and have multiple layers of protection to prevent fraud or vulnerabilities.

Bibliography

• Stellar Development Foundation. (2024). Soroban Smart Contracts. Retrieved from stellar.org

• Altoros. (2023). Blockchain in Supply Chain: A Guide to Smart Contracts and Tokenization. Retrieved from altoros.com

• International Music Summit. (2023). Blockchain and Music: Revolutionizing the Industry with Smart Contracts. Retrieved from ims.com

• Deloitte. (2023). Tokenization of Art: The Future of Investing in Digital Artifacts. Retrieved from deloitte.com

• Blockchain Healthcare Review. (2024). Smart Contracts in Healthcare: Protecting Patient Data with Blockchain Technology. Retrieved from IJSRA