Smart Contracts Market Overview:
The global smart contracts market demand is growing with the increasing adoption of blockchain technology, which are propelling the smart contracts market growth to the large extent. The smart contracts helps in mitigating risk improves compliance, and increase efficiencies among the organization.
The working of smart contract is all digitized and removes the need of the broker or a lawyer as a middleman. The two contract parties match to the terms of the contract set. The contract is registered in a database and all the legal clearing is made automated. The asset in the contract is digitized and payment is done through the digital or crypto-currencies. The smart contract gives the parties of the agreement a freedom of autonomy, backup, safety, speed and accuracy.
According to a recent study report published by the Market Research Future, The global market of smart contracts is expected to gain prominence over the forecast period. The market is projected to demonstrate a spectacular growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period 2017-2023.
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Major Key Players:
Monax Industries Limited (U.K.), Monetas (Switzerland), Blockstream Corporation (U.S.), Coinbase, Inc. (U.S.), Bitfinex (Hong Kong), BlockCypher, Inc. (U.S.), Chain, Inc. (U.S.), Coinify ApS (Denmark), BitPay, Inc. (U.S.), GoCoin Pte. Ltd (Singapore) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Smart Contracts Market.
April 16, 2018 – Cortex Ltd has added artificial intelligence algorithm to smart contracts which includes implementing a machine-learning platform. With artificial intelligence contract, the users can access the artificial intelligence applications.
April 10, 2018- Nchain, a blockchain technology-based research and development organization, has announced their smart contract patents to the bitcoin cash community.
14th April 2018- Enkidu Inc. has built the smart contracts that enables blockchain based smart contracts for micro-corporations
Smart Contracts Global Market Competitive Analysis:
The market of Smart Contracts Market appears to be highly competitive. To maintain the market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio.
Smart Contracts Global Market Segmentation:
The Smart Contracts market can be segmented in to 4 key dynamics for the convenience of the report and enhanced understanding;
Segmentation by Blockchain Platform: Bitcoin, Sidechains, NXT, Ethereum.
Segmentation by Technology: Ethereum, Rootstock (RSK), Namecoin, Ripple and others.
Segmentation by End – User: Banking, Government, Management, Supply chain, Automobile, Insurance, Real estate, Healthcare, among others
Segmentation by Regions: Geographical regions – North America, Europe, Asia Pacific and Rest of the World.
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Smart Contracts Global Market Regional Analysis:
North America is dominating the global smart contracts market with the largest market share due to increasing adoption towards digitization and among others, which are gaining demand in smart contracts market and is expected to gain growth by 2023.
Global Smart Contracts market in European market is expected to grow at a substantial high CAGR during 2017 to 2023 due to the increasing penetration of smart contracts in financial sector. The Asia Pacific market for smart contracts market is expected to grow at a considerable CAGR (2017-2023).
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