Smart contracts: their impact on business and your savings

According to Industry Research: “The global Smart Contracts market size is projected to reach US$ 1,460.3 million by 2028, from US$ 315.1 million in 2021, at a CAGR of 24.2% during 2022-2028.” Industry Research claims this growth is set, in part, to be spurred on by global corporations such as Amazon, IBM, Oracle and Infosys. However, those who are arguably set to gain most from the use of smart contracts are small to medium sized firms which have historically struggled to grow because of a lack of confidence/trust that potential customers have in them, should matters go wrong.

Many will be familiar with the expression: “No one got fired for buying IBM”. This is an expression that became popular in the 1970’s when IT departments opted to hold fast to well-known brands as businesses slowly embraced change and began to introduce computers. No doubt this type of behaviour has helped global bemouths straddle the world, encouraging consumers to buy goods and services from those firms which …