What Are Smart Contracts In The Future?
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Decentralized finance (DeFi) markets may have cooled down over the past year, but the technology powering these applications continues to advance. In particular, smart contract platforms that enable transactions to take place across DeFi applications are maturing to meet enterprise requirements.
While it’s notable that enterprises have previously shown interest in DeFi use cases, smart contract limitations have hampered adoption. A report published by Grayscale Research in March puts this in perspective, noting that “Despite handling millions of transactions per day, smart contract platforms in their current state would be incapable of handling even 10% of the worlds’ internet traffic.”
Smart Contracts In The Future
It is notable that solutions are being developed to advance smart contract capabilities. Industry experts are, therefore, confident that enterprises will use smart contracts in the future. There is no doubt that enterprises will eventually adopt smart contract solutions. There are multiple promising technological innovations occurring in the public blockchain space that have smart contracts at their core.
It’s important to mention that platforms on which smart contracts execute are also advancing. It’s not that smart contracts need to get more expressive, but we need to give more resources to smart contracts as well. We also need to focus on scaling blockchains to make sure they are faster and able to connect to more smart contracts per second. Ethereum Virtual Machine can solve privacy and data challenges, while cross-chain bridge technology can solve interoperability issues. He added that sharding can solve scalability.
Smart contract solutions will revolutionize complex systems that require the participation of multiple parties, resulting in system-wide efficiencies. It’s not that enterprises will want to use these solutions
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