SMART CONTRACTS MARKET ANALYSIS

Market Challenges And Opportunities

Adoption of Smart Contract by Government Bodies Is Expected To Drive the Growth of the Global Smart Contract Market

Government bodies across the globe are adopting smart contract which requires less human intervention and majorly reduces the cost incurred from contract handling, which is expected to boost demand for smart contracts across the public sector over the forecast period. For instance, in 2019, the UK Jurisdiction Taskforce gave smart contract recognition as a legally enforceable agreement. Moreover, Hangzhou Internet Court has adopted smart contracts in its legal proceedings.

Furthermore, smart contracts are developed using blockchain technology, but lack of standardization and interchangeability of the blockchain platforms create a challenge in developing smart contracts and may lead to errors. This is expected to hinder the growth of the global smart contract market over the forecast period (2019-27).