How The Blockchain Technology is Building Our Future and Is It Right Time For A Blockchain Startup?
With skyrocketing price of bitcoin, launching of metaverse, creation of NFT marketplace, blockchain has become a buzzword again. Before only tech enthusiasts were showing interest about blockchain, gradually common people are getting interested into it and a full-on industrialization of this comparatively new technology has begun.
We will discuss the importance of the blockchain industry and where the technology can be implemented.
Statistics Say It All
Look at some stats to comprehend the potentials of blockchain industry.
- 74% of tech-savvy executive teams say they believe there’s a huge business potential in blockchain technology.
- 24% of companies expect to invest between $5 million and $10 million in blockchain during 2021.
- Financial institutions alone have spent about $552 million on blockchain-powered projects.
- More than 20 countries have adopted or at least researched the concept of a national cryptocurrency.
Source: fortunly.com
More than 700 blockchain companies have formed only in USA. Countries worldwide are researching blockchain for public and private implementations. With the rise of cryptocurrency using of blockchain platforms have become inevitable. The complete documentation system is going to shift on blockchain gradually.
International Value
Companies are feeling the necessity of decentralized system more and more, and deploying blockchain system for core administrative purpose creates international value for any company. 24% of companies invested between $5 million and $10 million in blockchain during 2021. As time goes, to compete around the world more companies will invest in blockchain without any doubt.
Implementations
In near future most of the corporation and facilities will depend on blockchain as the technology has diverse usage. It will serve the following purposes:
- Recording financial transactions
- Storing medical histories
- Signing agreements
- Logistic tracking
- Supply chain management
- Recording personal credit histories
- tracking the provenance of artwork
- verifying payments
Moreover, there is a shift coming up for using household goods. People are getting used to with smart household gadgets controlled by mobile applications. To access the IoT and secure the control blockchain will be used for household purpose as well.
Conclusion
We cannot unseen the importance of blockchain in our day to day life, and within short period of time people all over the world cannot escape the necessity of decentralized applications. The wave has already started and it has to be the best time to invest in this new technology to become pioneers on any given industry.
Note: This blog post was first published on Bravw Branding PR blog page.
