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.
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
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.
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.
Smart Contracts can solve your business enigma with an innovative application.
Consult an expert to find a solution.