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The advent of blockchain in diverse industries is creating new dimensions of growth to the world of technology. Blockchain is not limited to mere algorithms, codes, and regulations, it is more than a decentralized phenomenon. Blockchain technology uses timestamps and cryptography in a digital ledger technology (DLT) in order to build secure and stable records.
Global players in the Blockchain Market are determining ways of developing digital payment methods with digital money such as bitcoins, amazon cash, PayPal, and others. Both private and government organizations are investing huge sums into research and development centers for developing and deploying blockchain solutions, thus creating new opportunities for the global blockchain technology industry.
According to a report by Fortune Business Insights (FBI), the global blockchain technology market, is likely to reach to US$ 21,070.2 Mn by 2025 from US$ 1,640.7 Mn in 2017, exhibiting an exponential CAGR of 38.4%. The forecast period is set from 2018 to 2025.
The increasing number of fraud and cyber-attacks in the banking, financial services and insurance (BFSI) sector has led to the faster implementation of blockchain certification. The annual value loss for cyber-attack and frauds in the BFSI sector is estimated to be more than thousands of millions of dollars. In order to overcome this challenge, major players such as Deloitte and Microsoft Azure are aiming to offer blockchain-as-a-service offerings. This, is further helping the blockchain technology market gain momentum.
One may think that blockchain technology is all about cryptocurrencies and bitcoins, but it is not limited to those sections of business only. There are more revolutionary technologies that surround it. Blockchain applications are likely to change the way people and businesses interact. Given below are examples of how diverse industries derive benefits from the implementation of the blockchain technology:
Blockchain technology and its benefits are likely to be the new face of technology trust. Features such as no external verification of any event or activity and permission less nature of blockchain solutions will help build and run numerous applications in communities and industries smoothly and fairly.
Author - Raginee Sarkar