Smart contracts market

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6. MarketOverview The global smart contracts market is expected to reach approximately USD 8.3 Billion by the end of 2030 with 21.40% CAGR during the forecasted period from 2023-2030. Smart contracts are one of the applications of blockchain technology that allow organizations, governments, corporations and individuals to clearly exchange monetary value, property, stocks, bonds and contracts related to value. You need an intermediary. A factor sustaining the growth of smart contracts is their tendency to define the rules and regulations of the contract but automatically enforce their obligations. Smart contracts can be used in all situations such as finance, insurance premiums, breach of contract, property law, and more. Smart contracts have seen downward growth and are expected to grow significantly over the forecast period catering to end users such as banking, government, insurance, real estate, and supply chain.

7. Regional Analysis: • North America is estimated to hold the largest share of the market during the forecast period and will have a market share of 26.2% in 2021, while South Asia and the Pacific is expected to have the highest growth rate during the forecast period with a CAGR of 25.8%. • North America has many large companies that sell smart contracts. North America also has a large number of people investing in cryptocurrencies and has a strong presence of many dApp (applied applications) vendors and companies from various industrial backgrounds based on supply chains.

8. The Global smart contracts market has been segmented into: • ByType • Bitcoin • Sidechains • NXT • Ethereum • Other • ByTechnology • Ethereum • Rootstock (RSK) • Namecoin • Ripple • Others

9. Strategic Developments • In June 2020, PrairieDog Venture and Data Gumbo partnered to transform capital projects into smart contracts. The partnership will deliver smart contracts designed to solve long-standing industry challenges around transaction and information friction across capital projects, transitions and maintenance for the industrial, commercial and infrastructure construction sectors.

10. Market 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.), • CoinifyApS (Denmark), • BitPay, Inc (U.S.), • GoCoinPte. Ltd (Singapore), • And Others.

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