When smart contracts were first reintroduced by Ethereum back in 2015, people were skeptical about their importance. Fast forward to 2023 and businesses across the globe are vying for smart contract development. In 2022, the smart contracts market was valued at $183 million and is expected to cross $1.5 billion by 2032.
Reintroduced, yes, you read that right! Ethereum wasn’t the one who birthed the concept of smart contracts. It was the one who bolstered the idea though. In fact, it was Nick Szabo – the pioneer of blockchain and the possible contender for Satoshi Nakamoto – who coined the term during the early 90s.
Smart contracts make it possible to remove intermediaries from financial transactions. This not only brings down the cost but also makes the process more efficient, faster, and less prone to conflicts.
Interestingly enough, a vending machine can serve as a typical example of the implementation of smart contracts. If you’re looking to leverage smart contract development for yourself and want to know the estimated development cost, then you’re in the right place.
While we already talked about How to Get Started with Blockchain App Development in our last guide, in this blog post, we will discuss more about smart contracts. How smart contracts benefit your business, how much it costs to develop a smart contract, and the shortcomings of smart contracts – let’s discuss it all!
