The global AI & smart contract blockchain market is projected to grow at a CAGR of 53.39% per year in the forecast period, 2023-2029. Smart contracts change how transactions are managed, automating the ordering, shipment, payments, and reordering process.
Smart contracts are the AI implementation mechanism. AI technology is revolutionizing the way we automate action. The combination of blockchain and AI create digital systems that support action at the heart of all economic activity, implement smart contracts, embrace globalization of the economy.
Action depends on contracts and identity management. Smart contracts are the implementation mechanism for AI, making all manner of digital automation possible and implementable by ordinary people. If strawberries were ordered by Mr. Brown from farmer Wilson, the smart contract will track in the distributed ledger the shipment via robots of the strawberries, and issue payment for the strawberries automatically utilizing a smart contract.
All groups need smart contracts to automate the process of buying and selling, billing and collecting money. All groups, including law firms, leading, large, medium, and small need this study to understand how contracting is changing. They need to understand smart contracts, how smart contracts will be used, and how the market will play out.
Law firms and supply companies selling goods and services need to start allying with the smart contract vendor companies that are offering smart contract technology. Everyone will embrace smart contracts because they are a digitall upgrade of existing paper contracts. Smart contracts automate processes in new ways. Everyone needs to understand how they do that and what the market opportunity is on an individual basis.
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