Blockchain Technology, It’s Market Scope In 2018 and Beyond

Blockchain Technology 2018

Published July 11,2018 9 months ago Posted By Justinas Danis

Reading Time: 3 minutes

As per Statista Report 2017, there is an estimation of a gradual rise in the blockchain technology market worldwide from 2016 to 2021. It was predicted that the blockchain market would reach about 339.5 million U.S. dollars in size and is predicted to grow to 2.3 billion U.S. dollars by 2021. To know more about blockchain, keep reading.

Source: statista.com

What is blockchain?

You are not the only person who’s wondering what is a blockchain. In the world of business, it is a puzzling concept yet. Just to state that blockchain is not really something very new, only its getting known in the mainstream.

To simplify, blockchain is a digitized and decentralized public ledger used for online transactions. It is a secure and a resilient technology. Blockchain powers the cryptocurrency Bitcoin and Bitcoin Mining is the new buzz.

What is not blockchain?

The blockchain is not Bitcoin. A popular misconception is that blockchain is bitcoin, but no, that’s not true. The blockchain is not a cryptocurrency but powers it.

Is blockchain safe?

The main purpose of introducing blockchain is to allow people(expected to be unfamiliar with each other) share valuable data in a secure way. Blockchain can store data making use of sophisticated math and high tech software rules which are quite difficult to manipulate.

It was thought to have 100% security guarantee, unless in the year 2016 when DAO hacked for $60 million. Does this say that the future of blockchain is not safe from hackers and threats? Well, in the world of skilled cheaters, almost nothing is safe, otherwise, it is.

Is the blockchain Opportunity or Threat?

Opportunities for Blockchain:

  • Easier business mode
  • Speedy automation process
  • Businesses operations are changing

Threats of Blockchain:

  • Many organizations are reluctant to this change
  • Banks are more hesitant owing to the risks
  • A new thing, so no idea about its success

Blockchain Market, By Use:

  • Insurance
  • Payments
  • Service (BaaS)
  • Crypto currencies
  • Trade Finance
  • Healthcare
  • Real estate
  • Government

The blockchain revolution in the banking sector

Many top-notch global banks are adopting blockchain and are carrying out high priced R&D works.

Some major usage in the banking sector are corporate payments, p2p, and cash pooling. But some are reluctant with this banking revolution yet.

Legal Implications

With no regulatory framework presently, makes blockchain applications little risky. With reference to blockchain and its coded format, the question is who and what would be regulated?

Can blockchain help poor people around the globe?

The present trend shows that the developing nations have more opportunity to adopt blockchain at a faster rate than the developed ones, a reason could be that there are legacy bequest issues to hold them back.  With a rise in internet banking and online payments in the developing regions; now storing information on blockchain is obvious.

The UN has targeted to do away with poverty, globally by the year 2030. Big Data Analytics, AI, and Blockchain together would help to materialize the goal, provided various organizations collaborate, globally.

How far are we from adopting Blockchain technology on a huge basis?

The blockchain is gaining popularity around the corner and every giant is trying to make their best use of it.

As per, Gartner’s hype cycle for emerging technologies 2017, Blockchain passed the peak yet would require 5–10 years to get into the mainstream.

Source: gartner.com

2018 and Beyond

As per anticipations by analysts and experts, the global blockchain technology market would witness a rise in demand owing to lowering of risks associated with frauds and thefts. Even there is a growing collaboration of financial institutes with blockchain startups and also several are investing in many R&D projects. For instance, Lithuania is looking forward to make a cashless society under the ‘E-krona’ project.

There is a continuous rise in investment in blockchain technology. There is growing interest and investments amidst concerns over governance and cyber-crime and just are trying to figure out ways to make the best use of blockchain.

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