Identifying Blockchain Networks Facilitating Smart Contract Implementations
Smart contracts, self-executing digital contracts with the terms of the agreement between buyer and seller being directly written into lines of code, are expected to become more efficient and widely used in various sectors. According to market projections, the smart contracts market was valued at USD 2.2 billion in 2024 and is projected to reach USD 29.2 billion by 2035, growing at a CAGR of 26.5%.
One of the industry standards for smart contracts is Ethereum, which boasts a vast decentralised application (dApp) ecosystem and has recently improved its scalability via Proto-Danksharding. Other platforms, such as Solana and Avalanche, are also gaining traction due to their speed and low fees. Solana, for instance, processes high-speed transactions at low costs and is currently being tested by Visa for USDC payments.
Security and sustainability are key priorities in the future of blockchain platforms for smart contracts. Cardano, built on peer-reviewed research, prioritizes these aspects, while platforms like Starknet leverage zero-knowledge proofs for scalable execution and Ethereum security. Starknet has recently rolled out new developer tools, and BNB Chain offers a scalable alternative with EVM compatibility, low fees, and high throughput.
Interoperability is another trend that is gaining traction. Polkadot's parachain architecture facilitates interoperability, making it a hub for interconnected blockchains. The Eclipse Foundation has also released a modular settlement layer devnet demo.
The integration of AI, enhanced security, and greater enterprise adoption are expected to drive further growth in smart contracts. Companies in sectors like finance (BFSI), energy and utilities, healthcare, manufacturing, telecommunications, retail, e-commerce, logistics, and government are expected to increasingly integrate smart contracts into their business models. Platforms like Ethereum with its large developer ecosystem and programmability, and Solana with its speed and low fees, are likely to play key roles in this integration.
In the finance sector, companies like Visa are testing USDC on Solana for real-world use in payments. Shopify, Base, Circle, and Stripe are also integrating on-chain payments. Meanwhile, Stacks (STX) is announcing live presentations, BitGo is adding sBTC for institutional DeFi, and there are upcoming protocol upgrades.
New platforms like Sui and Aptos are innovating with object-centric contracts and Web2-like performance, targeting dynamic applications like gaming and social platforms. As the smart contracts landscape continues to evolve, it's clear that this technology will play a significant role in shaping the future of digital transactions.
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