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Current State of Smart Contract Development Industry


Although Blockchain Technology is still in a nascent stage, Smart Contract Development is rapidly gaining grounds in the business landscape. As an evolving sector, this vertical has limited numbers of professionals, making it an expensive affair. However, a few blockchain development companies are diving deep into research apart from providing smart contract development services.

Reports indicate that around 1,75,000 users on LinkedIn have marked their expertise as smart contract development, compared to millions of IT development professionals. This number will increase as blockchain technology is being adopted as a new normal in the enterprise world.

Read: Best Three Resourceful Blockchain Based Smart Contract Platforms.


What Experts Say?

Blockchain has been the No. 1 search term on gartner.com since January 2017– Gartner

We believe that permissioned blockchains in particular will find near-term adoption. – Deloitte

The result is that participants in a blockchain-enabled MLS market would likely have access to more reliable data at a lower cost.  – Eric Piscini, Deloitte Consulting LLP

Smart Contracts May Create Significant Innovative Disruption.– Forbes

I must admit – first, that I know little about smart contracts…It’s all a bit mysterious. -Oliver Hart Nobel Prize Winner in Economic Sciences (2016)for his work in Contract Theory

Top Use Cases of Smart Contract Development

Recently, Shell and BP agreed to fully automate transaction of energy using blockchain. This will be a significant penetration of this technology into the oil industry. Healthcare Industry giant like Change Healthcare adopted smart contract application for Enterprise Healthcare management.

Thus, Smart Contracts are transforming as the new norm in the business world. This drastic change in the approach of global enterprises in blockchain adoption is due to the holistic advantages of Smart Contracts. This technology is secure, cost-effective, fast and precise. It has several intrinsic aspects such as Automation, Autonomy, Decentralization, and Irreversibility. These characteristics make Smart Contract a strong option for enterprise software development. There are several top use cases of smart contracts making it the most appropriate technology to replace conventional web application.

Read: Real World Use Cases of Smart Contracts.

Read: Solidity for Smart Contract.

Read: Use Cases of Ethereum Smart Contract.

 

Some Interesting Stats on Smart Contract Development

  • Five top global banks are using smart contract technology to build proof-of-concept systems.
  • Smart Contracts Market is estimated to grow at a CAGR of 32% by Forecast to 2023
  • North America has the largest market share for smart contracts market due to increasing digitization.
  • Smart contract VC-related deals amounted to US$116 million in Q1 of 2016, it was 86% of total blockchain venture funding.
  • The global smart contracts market is expected to reach US$ 300 Million approximately by 2023.



What Enterprises gain through Smart Contract Applications?

Smart Contract Applications are emerging as a bandwagon for enterprises. There are strong reasons that back up the technology in contrast to conventional applications. Smart contracts make quick and real-time updates possible in the enterprise ecosystem. They are accurate and foolproof to manual error. This technology lowers the risk of execution and operational failure as it is not dependent on a centralized mechanism. More importantly, it reduces the cost of operation and maintenance drastically, apart from being a foundation of innovation. It is rendering a drastic change in certain industries.

 

Technology Expertise of Oodles Blockchain

Ethereum                  Ripple                     IOTA                            MultiChain

 

 

Smart Contracts can solve your business enigma with an innovative application.

Consult an expert to find a solution.

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