Smart products, or intelligent products, are items equipped with technology to perform functions autonomously, collect data, or interact with the user and other devices. These products can simplify processes, increase convenience, and provide an enhanced user experience through their connected and intelligent functions.
A smart product is characterized by embedded sensors, software, processing capacity and connectivity. These technologies enable the product to collect and analyze data and respond to environmental conditions or user input. Examples of smart products include smart home devices, wearables and connected vehicles.
Smart contracts are self-executing contracts with the contract terms written directly in code. In connection with smart products, smart contracts can be used, for example, in the supply chain or in the IoT (Internet of Things) sector. They automate processes, facilitate transactions and increase security through blockchain technology.
A smart contract can be used, for example, to trigger automatic payments as soon as a smart product has fulfilled certain criteria or services. This is particularly relevant in Industry 4.0 and in the e-commerce sector, where processes are to be automated and made efficient.
Smart products are revolutionizing our everyday lives and the economy by using smart technologies and connectivity to offer improved and personalized services. The integration of smart contracts also opens up new opportunities for automated and secure transactions and processes.
