Global Smart Contracts Market – Dynamics
Digital Transformation within the BFSI Industry expected to drive the Market
Digital transformation within the banking and financial industry has been very strong over the past few years. In developing as well as developed regions, adoption of smart technologies and automated technologies has increased extensively in enterprises of all sizes. Smart contracts incorporate critical tools for bookkeeping and eliminates the possibility of access to accounting records as it uses decentralized blockchain technology. For instance, in the case of insurance claims, the insurer performs error checking, routing, and transfer payments to the user through smart contracts if everything is found appropriate.
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Lack of Awareness Knowledge and Low Flexibility Hindering the Smart Contracts Market
Adoption within industries other than BFSI is comparatively low due to lack of awareness and knowledge with regards to smart contracts and its applicability. Likewise, alteration or any change within a smart contract is almost impossible as the whole contract is developed on the basis of coding and any error in the code can be time-consuming and expensive to correct.
North America to Dominate the Global Smart Contracts Market
In terms of region, the global smart contracts market can be divided into North America, Europe, Asia Pacific, South America, and Middle East Africa. North America is expected to dominate the smart contracts market during the forecast period due to healthy adoption rate of new products or technology within the region. Adoption within industries other than BFSI is also above the global average for smart contracts within North America.
Global Smart Contracts Market – Competition Landscape
- In June 2020, PrairieDog Venture and Data Gumbo formed a partnership to transform capital projects with smart contracts. The partnership will deliver smart contracts, designed to solve long-standing industry challenges around transactional and informational friction, across capital projects, turnarounds, and maintenance for the industrial, commercial, and infrastructure building sectors.
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