Report: The size of the global smart contract market is expected to grow to about US $9.85 billion by 2030

It is reported that according to Zion Market Research, the global smart contract market size will be about 1.75 billion US dollars in 2022, and is expected to grow to about 9.85 billion US dollars by 2030, with a CAGR of about 24% between 2023 and 2030. Cryptocurrency plays a crucial role in the use of smart contracts. The blockchain developed by Ethereum is a decentralized open source blockchain, which is considered to be the most basic building block of applications related to decentralized finance (Defi).

Interpretation of this information:

The message highlights a report by Zion Market Research, which predicts the growth of the global smart contract market from 1.75 billion US dollars in 2022 to 9.85 billion US dollars by 2030. This growth is expected to be driven by a compound annual growth rate (CAGR) of about 24% between 2023 and 2030. The report underscores the critical role of cryptocurrency in the use of smart contracts, with the blockchain developed by Ethereum serving as the basic building block for decentralized finance (Defi) applications.

The predicted growth of the global smart contract market is an indication of increasing adoption and integration of this technology across diverse industries. Smart contracts are automated, self-executing agreements that use blockchain technology to verify, enforce and execute the terms and conditions of a contract. By reducing the need for intermediaries and providing greater transparency, security and efficiency in contract execution, smart contracts offer numerous advantages over traditional contract systems.

Cryptocurrency has emerged as a key driver of smart contract adoption, with its ability to facilitate secure and efficient transactions without the need for intermediaries. The blockchain developed by Ethereum has emerged as the preferred infrastructure for smart contracts due to its open source nature, universality, flexibility, and user-friendliness. The use of smart contracts has been particularly impactful in the development of Defi applications, which aim to create decentralized financial systems that are accessible, transparent and interoperable.

The predicted CAGR of about 24% between 2023 and 2030 further underlines the potential for continued growth and expansion of the smart contract market. The use of smart contracts is expected to expand beyond the financial industry to other sectors such as healthcare, logistics, supply chain management, and real estate. As the use cases for smart contracts continue to grow and diversify, they are likely to become an essential component of the digital economy.

In conclusion, the report by Zion Market Research highlights the significant growth potential of the global smart contract market, with cryptocurrency playing a crucial role in its adoption and integration. The use of smart contracts is expected to grow exponentially in the coming years, with the Ethereum blockchain serving as the basic building block for Defi applications.