Smart Contracts can be used for agreements between two parties, creating a token, or various other things.
They are designed such that no third party can interfere and are cheap and highly secure.
So, there is very little chance of any performance issue with smart contracts but one cannot assure you about the bugs it might catch that affect its performance or if a hacker hacks it.
But otherwise, it is the best way out there. It has use-cases in the following areas:
1. Insurance: It is very difficult to get an insurance claim on time. You have to bring a lot of proof, then there is a lot of paperwork involved, which makes it really tough to claim. Smart contracts can help here and ease the process by simply automating it.
2. Supply chain management: Smart contracts can maintain records and can give you data that who is responsible for what at what time.
3. Protecting copyrighted content: Smart contracts help retain the ownership of the content and they are saved in the decentralized blockchain network.
4. Digital Identity: You can own your digital identity including data, reputation, etc. using smart contracts.
5. Financial Modelling: Finance people can use smart contracts for accurate and transparent data modeling.
Even Kompwnd is powered by decentralized smart contracts. Check-
It is going to be interested to see how smart contracts evolve as rules are becoming tighter.