Abstract:

In the last few years there has been a dynamic development of smart contracts and the process of project automation based on blockchain technology. The purpose of the article is to present the global market for smart contracts and blockchain technology from 2016 to 2025 and the role of smart contracts in the process of automation of blockchain projects. The analysis was based on a report published by Market Research Future (2020) and Global Market Insights (2017) as well as the study of English-language article items. The article presents the benefits of using smart contracts and blockchain technology. These include increased customer satisfaction, increase in overall level of security, reduction of internal costs of the company, as well as increased awareness of end-users using automation processes of their services.