— Grace Hopper
— Teeka Tiwari
Here’s an idea of just how much value smart contracts can unleash for corporate America…
According to Forbes, credit card fraud costs U.S. merchants an estimated $190 billion per year. A smart contract tied to your identity on the blockchain could virtually eliminate credit card fraud.
A report from accounting firm Deloitte suggests smart contracts can save the mortgage, investment banking, and insurance industries as much as a combined $39 billion per year.
A report from global consulting firm McKinsey & Company says smart contracts could save businesses at least $50 billion in business-to-business (B2B) transactions.
Over the next few years, everything from managing property titles, clearing financial trades, and operating day-to-day commerce will happen via some form of smart contract.
And that’s not all.
Smart contracts will enable a new type of commerce called machine-to-machine (M2M) commerce. M2M refers to direct communication between electronic devices.
For example, a smart car will automatically communicate with smart parking meters to pay parking fees.
Computers will use smart contracts to automatically trade resources with other computers. Autonomous vehicles will use smart contracts to trade lane priority and traffic position with each other for money.
We’re not the only ones who think smart contracts are the future. Respected research firm Gartner Group projects 25% of global organizations will use smart contracts by 2022.
The broad use cases for smart contracts means we could see multiple billions more smart contracts than websites.
Here’s why that’s important. Only a fraction of websites are commercial sites that need protection.
On the other hand, virtually all smart contracts will need some form of security verification before they can safely be run. If we throw in M2M commerce, we could see as many as 20 billion smart contracts deployed. That’s because by 2020, it’s expected we’ll have over 20 billion connected devices.”
— Exponential Technology
Think back… Probably for as long as we might remember, we have always been using a keyboard (laptop, desktop, for some of us even a typewriter). During the last 30 years or so, we began using a mouse or trackpad to point and click. While this technology allows us to interface with machines, it is horribly inefficient and sometimes painful (think carpal tunnel syndrome or the crick in your neck).
The next wave of human machine interface technology is here. And it will be a combination of natural language processing technology (voice) and simple hand gestures (swipe, pinch, open, close, point, etc.).
In five years, we are going to look back and think… “What were we doing with those keyboards? That was terrible.” Parents and grandparents will tell their children and grandchildren how they spent their entire careers hunched over a keyboard hunting and pecking. The kids won’t believe it.
This inflection point in how we will interface with machines is exactly why the natural language processing market is starting to explode.
It was insignificant in 2016 – less than a billion dollars in total. By 2020, we’ll be looking at a $5 billion market… at least. And by 2025, this will be well in excess of $20 billion.
And the annual growth rate of the NLP market through 2024 is something to behold. For the next three years this market is growing at 25% or greater, and even as we get out to 2024, the market is still growing at 22% year-on-year.”