This IDC study is part our continuing coverage of blockchain, distributed ledger technology (DLT), and smart contracts. Smart contracts are gaining momentum in multiple industries and across a wide variety of use cases as a way to improve trust between parties, improve buy and sell transaction efficiency, provide a secure transaction audit trail, and improve financial liquidity. We discuss the business case for developing and deploying smart contracts connected to distributed ledgers and the opportunities and challenges enterprises should consider when evaluating smart contract solutions.
"Looking ahead, we see interest and investment increasing for smart contracts in a variety of industry use cases. For example, in manufacturing as a way to improve supply chains and in financial services as a way to improve transaction processing and financial liquidity. We also see growing support for smart contract innovations in consortiums and industry collaborations." — Bill Fearnley, research director, IDC's Blockchain Strategies