Smart contract enables organizations, government bodies, and individuals to exchange monetary values, shares, and bonds for which specific value is associated. The smart contract is a clear and easy way to avoid a conflict between both the parties, without any intervention of a middle man. Moreover, smart contracts are being majorly adopted across various industries such as BFSI and construction among others for financial agreement, insurance breaches, property law and etc. Moreover in smart contract, after fulfilment of contracts, the asset in the contract which is in the form of digital or crypto-currencies is transferred to the predefined party. In the smart contract, the risk of fraud is minimal and it eliminates the cumbersome paperwork and middle party services. Smart contracts can positively impact government as well as commercial industries by atomizing the contract enforcement which will decrease the cost of operations. All these factors are expected to drive growth of the global smart contract market positively.
Major players operating in the global Smart Contract Market are EOS, Tron, Ginete Technologies, Hedra Hashgraph, Hyperledger, IBM, Icertis, NEM, Neo, OpenXcell, Stellar, Waves, Thomson Reuters, Monax Industries, Blockstream, Coinbase, BlockCypher and Monetas.
Leading Companies in the Smart Contracts Industry:
1. EOS
EOS was founded in 2006 and its headquarter Germany.The company operates in 24 countries. In 2018 Ethereum uses a proof of work (PoW) consensus model and has first mover advantage in the smart contract and decentralized app (dApp) platform .
2. Ginete Technologies,
Ginete Technologies, founded in 2008, and it’s located in Noida India.The Company operates in 70 Countries.In 2020 Cargill Incorporated News Provided By Share This Article Global Preservatives Market Preservatives are of two kinds
3. Hedra Hashgraph
Hedra Hashgraph ,headquarters was launch in 2017 and it’s headquarter located in United States,.it operate over 95 country and in 2022 Hedera has combined the learning of open-source smart contracts developer communities around the EVM, the Hashgraph consensus algorithm,.
4 IBM
IBM was launch in 1911 and it’s headquarter Armonk, New York it operate over 175 country. In 2022 IBM today announced that it has signed a Strategic Collaboration Agreement (SCA) with Amazon Web Services,
5 OpenXcell
OpenXcell is founded in 2009, with its headquarters in Las Vegas,United States of America. With businesses in over 200+ countries. In 2021 OpenXcell specialises in creating smart contracts for an array of blockchain platforms. We are adept at creating smart contracts for automating business
6. Thomson Reuters
Thomson Reuters, Was launch in 2008. and its headquarter Toronto, Canada. it operate over 46 country. In2019 Exploring the future of legal documents with a cutting-edge proof of concept that combines smart documents powered by blockchain technology
7. Monax Industries
Monax Industries was launch in 2014 and it’s headquarter located New York, United States.it operate over 90 country. In 2018 The platform is a collaborative workspace for businesses, legal and tech professionals, complete with market-ready smart contract template .
8.Coinbase
Coinbase Was launch in 2012. and its headquarter San Francisco USA. it operate over 100 country. In2022 Chainlink Labs has partnered with Coinbase Cloud to launch NFT Floor Pricing Feeds, allowing developers to deploy unique smart contract market.
Definition- The use of smart contracts makes it possible for individuals, corporations, and governmental agencies to trade monetary values, shares, and bonds that each have a precise value associated with them.
