From 2021 to 2031, the smart contract market is expected to develop at a CAGR of more than 24.7%. Smart contracts are either self-executing contracts between a seller and a buyer, or they are explicitly written lines of code.
Transactions and execution are irreversible and trackable thanks to the programming written. All smart contract processes are carried out with the help of Blockchain, which means they are created without the involvement of a third party.
According to recent research, the smart contract market is expected to increase at a faster rate between 2021 and 2031. Due to the increased use of smart contracts in various industries such as financial services businesses, banks, healthcare, government, and supply chains in recent years, the market will see the most growth in the following years.
The demand for smart contracts is being driven by the BFSI market’s increasing digital transformation.
Digital change in the BFSI market has accelerated in recent years. Developing economies, like industrialized economies, are implementing automated and smart technologies in businesses of all sizes.
Property law, financial derivatives, insurance premiums, credit enforcement, breach contracts, crowdfunding agreements, financial services, and legal processes all use smart contacts.
Smart contracts are kept in blockchain, thus tampering with blockchain security is extremely difficult. As a result, the need for smart contracts is increasing as the BFSI business embraces digital transformation.
Who are the Major Smart Contracts, Market Vendors?
The following are some of the most well-known smart contract vendors and companies.
- EOS
- Tron
- Ginette Technologies
- Hedra Hashgraph
- Hyperledger
- IBM
- Icertis
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