Today, we will present another set of valuable practical information after sharing a series of materials dealing with the nature and potential of blockchain-based smart contracts. These are six especially powerful forecasts, facts, and statistics from the world of smart contracts, which will help you quickly get an idea of the scope with which this technology is penetrating legal practice matters.
1. The global smart contract market is projected to reach approximately $ 300 million by the end of 2023. This will happen with an average annual growth of 32% over the forecast period - from 2017 to 2023.
2. The financial sector is one of the most courageous enthusiasts investing in blockchain and smart contracts. As of today, over 60 percent of the technology's market value is concentrated in this niche.
3. Europe is the leading destination where the smart contract industry is currently thriving. This is mainly due to the rapid digitalization in European business industries that we have witnessed over the last decade. A vast number of European corporations are integrating digital solutions to boost their competitiveness, and smart contracts are an integral part of the process.
4. North America is manifesting a notable increase in interest in the service and ranks second after Europe as a potential consumer of smart contract services. Next on the list are also countries with hastened digitalization processes - China, Britain, and Japan.
5. The central part of the end-users in the industry are not individuals, but organizations such as banking institutions, governmental and administrative bodies, supply chain participants, vehicle brands, real estate companies and brokers, insurance firms, and healthcare organizations.
6. In 2020, the average number of smart contracts made with Ethereum alone every day is about 50. As of June, the highest number of contracts created in a single day was reported on April 28, when the platform designed 123 contracts. In the months before the recession, that number had reached 300 a day.
7. One of the industries that would benefit most from the extensive use of smart contracts is trade and finance. Recently, Santander Innoventures stated it expects blockchain technology to cut costs by more than $ 20 billion a year by 2022.
The partners in the law firm Toshev and Boteva recognize the potential of smart contracts in a global and long-term plan. Therefore, we do not stop investing time, effort, and resources into both the development of the legal framework concerning the application of smart contracts and the preparation of qualified personnel that is adequately prepared for the digitalization of the legal services.
Georgi Toshev is a lawyer and Managing Partner at Toshev & Boteva Law Office, leading a dedicated team of lawyers who invest time, resources, and efforts in exploring blockchain technology and defining its legal status as a key technology of the future. Because the world does not change all by itself. We are the ones changing it.
Have an idea! Brainstorm with us.