Blockchain technology has already caused a big stir in the global financial industry, creating substantial changes in the sector in terms of how people conduct financial transactions. Blockchain’s impact is so large in the financial sector that its technical innovations may be enough to revolutionize the global economy. However, this technology is not just stopping at decentralizing currency as the future of blockchain is expected to witness more breakthroughs with wider applications in various of industries.
Blockchain technology, originally designed for bitcoin transactions, is known as a crypto model to make transactions easier by significantly reducing the cost and time associated. This is achieved through a shared database, which allows every single transaction to be traced and recorded. Through the blockchain technology, peers can exchange data, currencies, and other assets in a more transparent, cost-effective and secured way. With its numerous advances and benefits, the future of blockchain technology is expected to be much brighter with more and more applications set to transform the whole world.
Global Blockchain Technology Market Overview
According to the latest market research from Technavio, the global blockchain technology market size is projected to grow steadily at a CAGR of around 56% by 2021. One of the key drivers for the blockchain technology market growth is the rapid increase in FinTech spending. FinTech is a service provided by companies and is based on software. Over the years, the purview of FinTech has extended to include new and innovative front-end consumer products.
Today, many FinTech startup companies have launched services which are operable through smartphones or tablets directly by the customers through licensing or by means of white label services. FinTech spending is directly correlated with the application of blockchain technology as the FinTech companies rely on blockchain technology to develop advanced financial solutions. Also, the exponential increase in FinTech investments is expected to boost the growth of the global blockchain market in the near future.
The Future of Blockchain: Top 5 Industries Expected to be Transformed by Blockchain Technology
Blockchain in Cybersecurity
Blockchain technology has an innate connection to cybersecurity. The disruptive applications of this technology are attributed to the years of efforts and consistent innovations in cybersecurity and cryptography landscapes. Blockchain offers a unique approach for enterprise applications including data storage, transactions, and other internal functions, which makes this technology particularly appropriate for ecosystems that require high-security mechanisms. Blockchain-enabled systems can help reduce breaches during data exchange and lead to users having greater ownership of their data and records.
Blockchain in the Gaming Industry
The future of blockchain is forecast to revolutionize the entire gaming industry, ranging from creating instant, transparent, and secure payments to connecting developers and gamers from across the globe. Blockchain-enabled gaming systems can effectively support the players’ retention. It provides protections cyber-theft and duplication concerns by making a transparent registration platform and verifiable ownership of substantial in-game assets. As a result, gamers will be able to purchase, sell, and trade their virtual items outside of the games with cryptocurrencies.
Blockchain in the Agricultural Industry
The future application of blockchain in the agricultural industry includes not only blockchain-enabled products that handle farmers data and contracts, but also help farmers to track and monitor the logistics of crops. Therefore, blockchain, as well as other emerging precision agriculture technologies such as telematics, robotics, and nanotechnology are expected to help farmers to make use of the advantages of precision farming, so that better decisions can by made by farmers to increase the agricultural output.
Blockchain in the Energy Industry
The use of blockchain technology to prevent failure in power grids has been witnessed as one of the growing trends in the global energy industry. Energy companies around the world are increasingly using the blockchain technology in power grids to transform them into smart power grids. Blockchain indicates the failure in power grids by tracking it down in advance and communicate it to the companies. The adoption of blockchain technology in energy industry can effectively reduce the loss that may incur in case of a breakdown. By implementing blockchain technology, energy companies can also get a daily update, thus helping them in timely detection of problems.
Blockchain in the E-commerce Industry
With an increase in online transactions and the dependence of retailers on E-commerce platforms to connect with their customers, there are rising concerns regarding data security and personal identity. Customers credit card numbers and addresses are the most common targets for hackers. This drives the demand for adopting blockchain technology to overcome the risk of identity theft and fraud. End-users can decide the amount of information to be shared using the blockchain network. Additionally, the use of blockchain identity management also allows a secured identity exchange during transactions in real-world applications.
For more information about the global blockchain market, check this following report
