Experts: Industry smart contracts rely on IoT sensors to reach their full potential.

According to Cointelegraph, according to NYU blockchain and industry experts, some industries limit the performance of smart contracts unless they are used with IoT sensors. On July 10, associate professors Hanna Halaburda and Yannis Bakos from the NYU Stern School of Business presented a study on integrating smart cards and IoT sensors to improve business performance at the Unitize meeting. Halaburda explained that IoT is the key to getting the most out of smart contracts in industry. Regarding the contracts of fruit shipping companies and wholesalers, he said that the contracts successfully solve the problem of self-regulation, but do not support shipping companies to ensure good fruits. However, once IoT sensors are integrated into the process, the smart contract can add points (like temperature) or adjust the load based on fruit quality. Thus, no one is bound to fulfill any part of the contract based on the trust of others.