Blockchain — The Future Potential

One Word to Describe Blockchain is ‘Foundational’

We have been hearing the word Blockchain for a few years now but for many people, it’s just a word. Blockchain is not just the technology behind Bitcoin. Blockchain is a paradigm shift in the way the world will think of and use technology. Blockchain technology offers a monumental shift from the current transaction and record-keeping mechanisms and can be thought of as a foundation for disruptive digital businesses, for both startups and established enterprises.

Blockchain allows for untrusted entities (both human, cyborg and nonhuman) to undertake commercial transactions and exchange value with a diverse range of assets with the system itself bringing trust.

The ability of Blockchain to provide information transparency and immutability, the potential for smart contracts, and the opportunity to create new business models should force business heads to review the fundamental aspects of their business with respect to Blockchain.

According to Gartner Trend Insight,

· By 2022, at least one innovative business built on Blockchain technology will be worth $10 billion (tick?).

· By 2025, the business value added by Blockchain will grow to slightly over $176 billion, then surge to exceed $3.1 trillion by 2030.

Forecast: Blockchain Business Value, Worldwide 2017–2030

Blockchain features like immutability, privacy, trust, reliability makes this technology suitable for every industry. You can pick any industry, Blockchain is going to be a relevant conversation to have today.

The adoption of blockchain technology helps in creating a transparent and simplified business process, owing to which, the market is predicted to observe a high growth in the next few years. The global blockchain technology market is expected to gain revenue worth US$20 billion by 2024, which is a significant increase from US$400 million gained in 2017. Such a revenue gain is projected to occur at a mind-boggling CAGR of 58.9% during the forecast period ranging from 2017 to 2024.

The banking sector is willing to explore opportunities which would make banking transactions more transparent, faster and in-turn, easier to process. Increased penetration of digital technology into the banking sector has resulted in the development of easy to use online platforms and applications. Blockchain technology eliminates fraud due to errors and potential identity theft to a large extent.

Prime Sectors for Blockchain Technology Implementation

Finance

Insurance

Banking

Healthcare

Supply-chain

Video Games

Internet

Political — Voting

Real Estate

Legal

Education

In-fact, every industry can benefit from the Blockchain

Blockchain is not just a buzzword, it is the foundation for the next wave of technology.