Understanding The Significance Of Smart Contracts

Smart contracts are an essential building block within the cryptocurrency ecosystem and are the core of many decentralized applications (dApps). These programs run when predetermined conditions are met to help automate workflows, execute agreements, and carry out other essential tasks that can be governed with “if/when…then…” statements. Programmed by developers, smart contracts are trustless, autonomous, decentralized, operate transparently, and are unable to be reversed or modified. These attributes make smart contracts a useful tool in reducing or even eliminating the need for intermediaries or third parties. The code arbitrates the terms of an agreement or contract. Legacy Industries Remain Interested In Harnessing Smart Contracts Unsurprisingly, the benefits of smart contracts mean many traditional companies are looking towards the technology to optimize operations. Research published in December 2021 projects the global smart contract market size is expected to jump to $770.52 million by 2028 up from about $145 million in 2020. Smart contracts have already made notable waves within the supply chain industry as businesses aim to better track products. In the summer of 2021, blockchain and crypto mobile app provider Epazz Inc announced plans to launch its StreamPay Blockchain Smart Contract App. The company noted the application could be used by supply chain managers to keep watch on raw materials as they are transformed i...