Smart contracts have heralded a new era in digital agreements, redefining the landscape of business and transactions. These self-executing contracts, underpinned by blockchain technology, offer unparalleled efficiency, transparency, and security. Their widespread adoption across various industries has transformed traditional business practices and interactions. However, with the increasing use of smart contracts, there comes the need to address the potential challenges associated with dispute resolution in this emerging digital landscape.
The adoption of smart contracts has seen exponential growth, driven by their numerous advantages. They automate processes, reduce the need for intermediaries, enhance transparency, and provide a tamper-proof record of transactions on a decentralized ledger. According to a report by Markets and Markets, the global smart contracts market is projected to grow from $145.9 million in 2021 to $564.7 million by 2026, at a CAGR of 31.5% during this period. As more individuals and businesses engage with smart contracts, it becomes increasingly important to understand and proactively manage the complexities of dispute resolution within this evolving ecosystem.
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