Increasing Adoption of Smart Contracts and Launch of Smart Contract Production Networks to Augment Growth of Smart Contracts Market

 

Smart Contracts Market

A smart contract is basically a trade protocol or computer program that is developed to automatically perform, monitor or document legal activities and events as per the terms of an agreement or a contract. This technology can be used in any type of financial transaction including electronic funds transfer, real estate business, gaming, private equity and more. In a simple definition, it is a web enabled computer program that can automatically manage and complete legal tasks and transactions in the form of a smart contract. Smart contract technology will replace the need for various intermediaries such as a lawyer, broker, draftsman, accountant, etc. and also helps save cost by reducing time spent on legal documentation, record keeping and other core business activities. Smart contracts can take care of all these activities thus providing a comprehensive solution to many business requirements.

Market Dynamics

Increasing adoption of smart contracts is expected to propel growth of the global smart contracts market. For instance, in February 2021, DNA Brands Inc. and Santo Mining Corp. dba Santo Blockchain Labs announced that DNATags will be converting its Ethereum Solidity-based Smart Contract to the Cardano Goguen Smart Contract. Similarly, in September 2020, iQSTEL, an enhanced telecommunications service provider, announced Phase 1 smart contract development for itsBchain’s blockchain-based settlement and payment marketplace platform on track for Q1 2021 ‘Go Live’.

Moreover, launch of smart contract production networks is also expected to aid in growth of the market. For instance, in February 2021, IBM announced that Thai Reinsurance Public Company Limited, a non-life reinsurer based in Thailand, launched Insurer Network, a reinsurance smart contract production network using IBM blockchain technology on IBM Cloud.

Launch of smart contract auditing platforms is expected to offer lucrative growth opportunities for players in theglobal smart contracts market. For instance, in January 2019, Trustlook, a provider of AI-powered cybersecurity solutions, launched Smart Contract Insight, a smart contract bytecode decompiling platform and announced a free smart contract auditing service based on this platform.

Competitive Analysis                                                            

Major players operating in the global smart contracts market include, EOS, Tron, Ginete Technologies, Hedra  Hashgraph, Hyperledger, IBM, Icertis, NEM, Neo, OpenXcell, Stellar, Waves, Thomson Reuters, Monax Industries, Blockstream, Coinbase, BlockCypher, and Monetas.

Major players operating in the global smart contracts market are focused on adopting partnership strategies to enhance their market share. For instance, in 2019, Ginete Technologies partnered with Credits.com, an open-source and decentralized blockchain platform for the development and execution of smart contracts and decentralized applications, to expand capabilities of both companies.   

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