- The smart contract market is poised to boom over the next decade.
- DeFi, non-custodial financial services, and NFT are the major drivers of the smart contract market.
- Smart contracts provide a tamper-proof, self-executing mechanism for conducting transactions.
The use of blockchain has rapidly gained popularity over the past few years. With the growth of blockchain, the smart contracts market has also been steadily rising. According to CryptoMonday.de, the global smart contract market is projected to reach $5 trillion by 2030.
Jonathan Merry, the CEO of CryptoMonday, spoke on the data:
The growing demand for automated, transparent financial services is one of the major drivers of the smart contract market. Smart contracts are used to facilitate digital transactions in a secure and efficient manner.CryptoMonday CEO, Jonathan Merry
What are Smart Contracts, and How Do They Work?
A smart contract is a self-executing agreement between parties written in code and stored on a blockchain. It includes terms of the deal, such as the conditions that validate the contract and the actions for execution.
The increase in demand for tamper-proof and efficient financial services is pushing the growth of the smart contract. By removing intermediaries, smart contracts offer a faster and more secure way to conduct business.
Smart contracts can automate various financial transactions, from simple trades to complex derivatives. They are poised to revolutionize finance and industries such as real estate.
Deployed on blockchain networks that support Dapps, smart contracts are becoming an increasingly vital tool for businesses looking to stay ahead of the curve in a rapidly evolving digital landscape.
Why the Surge in the Smart Contract Market?
Several factors are driving the rise in the smart contract market. Among them is the increased adoption of blockchain technology and the need for a secure and efficient transaction. Also, the desire for greater trust and transparency in business dealings.
Recently, there has been an increasing sentiment among businesses. They hold that traditional financial services are opaque and susceptible to fraud and abuse. This has led to a growing demand for financial services that are more transparent, secure, and accountable. Smart contracts are dedicated by design to meet this demand.
Furthermore, with the rise of DeFi and NFTs, the demand for smart contract solutions is only expected to increase. The growth of the smart contract market presents exciting opportunities for businesses.
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