Smart Contracts Market Overview:
According to a report published by Market Research Future (MRFR), the global smart contracts market is expected to reach a valuation of USD 300 Mn by the year 2023. It is projected that the market is set to demonstrate a CAGR of 32% during the review period (2017-2023).
Smart contact is an emerging application in blockchain technology that allows organizations, legal bodies, government, enterprises and individuals to conduct monetary activities, and other asset-based transactions in transparent manner. Smart contracts ensure high credibility and prevent discrepancies, which helps in avoiding conflicts. Moreover, it also makes involvement of middlemen unsolicited.
Smart contracts are increasingly used for various types of monetary transactions in properties, bond, share etc. Smart contracts are an advance from of making legal agreements between two or multiple parties. Such type of contracts can be modified with regards to required rules and regulations. Agreements governed by smart contracts automatically enforce liable obligations. These contracts find legal application in applications such as insurance, financial, contract breaches, premiums, property settlement, etc.
Smart contracts are gaining traction across sectors. This in turn is driving the growth of Smart Contracts Market Analysis. These contacts systems are gaining prominence in government, real estate, insurance, banking, supply chain, etc. They touted as a potential replacement of traditional system of legal agreements. Smart contracts are without the flaws that are often visible in traditional agreement. Moreover, smart contracts do away with number step owing to their digital characteristics. This makes they a potential candidate in voting application and other legal procedures. They can be applied to a vast range of legal agreements both government and non-government. Increased acceptance of such systems is making a positive impact on the global smart contracts market.
Smart contract is digitized and hence do not require paperwork. It is extremely user-friendly and additional assistance is usually made available by service providers. Smart contracts facilitate a transparent agreement between parties and records every aspect of it in the form of database. In addition, users have the freedom of autonomy along with sufficient safety and backup.
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Smart Contracts Market Competition Analysis:
Some of the leading companies covered in MRFR’s report include Monetas (Switzerland), Coinbase, Inc (U.S.), Coinify ApS (Denmark), Monax Industries Limited (U.K.), GoCoin Pte. Ltd (Singapore), Blockstream Corporation (U.S.), BlockCypher, Inc (U.S.), BitPay, Inc (U.S.), Bitfinex (Hong Kong) and Chain, Inc.(U.S.)
Smart Contracts Market Segmental Analysis:
Segmental analysis of the market has been conducted on the basis of technology, blockchain platform, and end – users.
• Based on blockchain platform, the market has been segmented into sidechains, Ethereum, NXT and bitcoin. Of these, the Ethereum segment accounts for the highest market share in terms of value. Ethereum is a highly advanced coding and processing tool and thereby witness a high preference.
• On the basis of technology, the market has been segmented into Ethereum, Rootstock (RSK), Namecoin, Ripple and Others. On the basis of end-user, the market has been segmented into Banking, Government, Management, Supply chain, Automobile, Insurance, Real estate and Healthcare
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Smart Contracts Market Regional Analysis:
Regions covered in the report are Asia Pacific, Europe, North America, and rest of the world. Of these, Europe smart contract market holds the highest value. This is mainly owing to rapid digitization in European industries. A large number of European companies are integrating digital solutions in order to increase their competitiveness.
Market players in the regions are actively focusing on product innovation and implementing strategies that allow them to consolidate their market position. Many companies are also investing in mergers and acquisitions. Partnerships and collaborations have also increased in the Europe smart contracts market.
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