The Global Smart Contracts Market is expected to grow at a steady rate of 32% as per forecasts by the year 2023. As a market highlight, the market for smart contracts is expected to rise steadily. Learn more here how Diamante Blockchain has diversified trade in gem & jewellery leveraging DLT
Today, the importance and popularity of smart contracts in the global payment industry especially like the gem & jewelry supply chain are increasing with leaps and bounds. The working principle of smart contracts is very efficient and does not require the involvement of third parties and lawyers to validate the same transactions. The introduction of smart contracts ensures that no middlemen are involved in the entire transactional ecosystem.
A brief summary of how a smart contract works –
The two parties being involved in the entire contracting process have to match the terms and conditions being set for the transaction to get validated. Such contracts are registered with a database and all the legal standpoints are automated within it. The asset concerned in the contract is completely digitized and the payments are conducted through crypto-currencies or digital assets.
The smart contract endows the user with unmatched autonomy, speed, accuracy, safety, and backup. Thus, the smart contracts mitigate a significant amount of risks involved in the payment process which would otherwise expose the system to potential threats.
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How smart contracts would transform the complexion of the gem & jewelry industry
There have been several pain areas identified within the ecosystem of the gem & jewelry industry which need to be addressed through a technological transformation. The incorporation of the smart contracts market will bring about a major transformational effect through a secured transactional model.
The secured ecosystem will help in establishing a unique – Blockchain-powered
Smart Contracts will bring about a major transformational experience to the entire gem & jewelry supply chain.