What do smart contracts do?

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.

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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).

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