Press release
Smart Contracts Market Demand, Research Insights by 2030
Smart contracts refer to self-executing contracts with the terms of agreement between seller and buyer being directly written into lines of code. Generally, the code and the agreements contained therein exist across a distributed, decentralized blockchain network. A blockchain is nearly impossible to hack or shut down. Smart contracts were proposed by Nick Szabo in 1994. Smart contracts are computerized transaction protocols that execute terms of a contract.View Report @ https://www.transparencymarketresearch.com/smart-contracts-market.html
The COVID-19 pandemic is expected to positively impact the global smart contracts market. Awareness and adoption of smart contracts increased across the globe due to remote working and social distancing, as it helps in virtual enforceability of the contract and automates the whole process of manual contracting. The increased awareness has positively impacted the market.
Digital transformation within the banking and financial industry has been very strong over the past few years. In developing as well as developed regions, adoption of smart technologies and automated technologies has increased extensively in enterprises of all sizes. Smart contracts incorporate critical tools for bookkeeping and eliminates the possibility of access to accounting records as it uses decentralized blockchain technology. For instance, in the case of insurance claims, the insurer performs error checking, routing, and transfer payments to the user through smart contracts if everything is found appropriate.
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Adoption within industries other than BFSI is comparatively low due to lack of awareness and knowledge with regards to smart contracts and its applicability. Likewise, alteration or any change within a smart contract is almost impossible as the whole contract is developed on the basis of coding and any error in the code can be time-consuming and expensive to correct.
In terms of region, the global smart contracts market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is expected to dominate the smart contracts market during the forecast period due to healthy adoption rate of new products or technology within the region. Adoption within industries other than BFSI is also above the global average for smart contracts within North America.
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In June 2020, PrairieDog Venture and Data Gumbo formed a partnership to transform capital projects with smart contracts. The partnership will deliver smart contracts, designed to solve long-standing industry challenges around transactional and informational friction, across capital projects, turnarounds, and maintenance for the industrial, commercial, and infrastructure building sectors.
Global Smart Contracts Market: Segmentation
The global smart contracts market can be segmented based on:
Blockchain Platform
Enterprise Size
Industry
Region
Global Smart Contracts Market, by Blockchain Platform
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Based on blockchain platform, the global smart contracts market can be divided into:
Bitcoin
Sidechains
NXT
Ethereum
Global Smart Contracts Market, by Enterprise Size
In terms of enterprise size, the global smart contracts market can be segregated into:
Small & Medium Enterprise
Large Enterprise
Global Smart Contracts Market, by Industry
In terms of industry, the global smart contracts market can be segregated into:
IT & Telecom
BFSI
Logistics & Transportation
Hospitality
Healthcare
Others
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Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research firm that offers market analysis reports and business consulting. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyze information.
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