Blockchain has evolved as a secured and reliable technology, operating on a peer-to-peer basis (i.e. with connected computer systems), which is used to confidently stock and share data or list transactions.
Blockchain is dominant in various fields including healthcare, remittances, trade finance, retail, education, insurance, banking and transportation. It is also evolving in the following industries -cyber security, cloud storage, voting, rise sharing, wills and inheritances, charity, law and enforcement, stock trading, supply chain management, gift cards & loyalty programs and car leasing & sales, etc.
These are some features of blockchain that makes it irresistible in diverse scenarios and marks itself as the best possible solution.
- Immutability: Itenables companies to ensure that there is no hamper done to the packages in transit
- Transparency: Another crucial aspect that makes blockchain so important is transparency. Public blockchain provides transparency due to its nature.
- Better Security: Blockchain uses cryptography to add a layer of security to the data stored on the network.
- Excellent Use-Cases: Blockchain is not confined to just one particular use-case. This makes blockchain excellent technology for the future of our society
Notable Blockchain Initiatives
The Bitcoin which was created in 2009, was the first application of the promising Blockchain technology. It was created as an alternative to regular money; however, there are no physical bitcoins, only balances associated with public and private keys.
Ethereum was officially launched in 2015. It is a blockchain-based distributed computing platform that offers smart contract functionality.
Ripple is a distributed financial technology that enables banks to send real-time international payments across networks. It offers a cryptographically secure end-to-end payment flow with transaction immutability and information redundancy.
Following are the trends of blockchain :
Global blockchain market size will exponentially grow : Businesses from a multitude of industries showed a growing interest to adopt this technology for enhancing their business processes.
Covid-19 will further accelerate blockchain transition : The pandemic has caused more realistic and pragmatic approaches to blockchain initiatives specifically focused on the day-to-day business “to continue their growth path”.
Private blockchains will dominate : Another trend we will observe is that private blockchains will become the main contributor to the blockchain market growth and are assumed to retain the largest market size in 2021.
While there are significant upsides to the blockchain, there are also significant challenges to its adoption. Here are some of the challenges standing in the way of widespread blockchain adoption.
- Technology Cost
- Speed Inefficiency
- Illegal Activity
Cryptocurrencies operate independently and in a decentralized manner, without a bank or a central authority, new units can be added only after certain conditions are met and with these the transaction cost is low to nothing at all.
Some of the big companies that accept Bitcoin as a method of payment include:
- Coca-Cola Amatil Limited
- Yum! Brands, Inc.
- Restaurant Brands International Inc.
- Rakuten Inc.
- PayPal Holdings, Inc.
The global blockchain market size was valued at $3bn in 2020 and by 2025 it is expected to reach ~$39.7bn, at an effective CAGR of 67.3% during 2020–2025.
For details on Blockchain Cryptocurrency and its outlook please feel free to refer to the following Blockchain & Cryptocurrency Industry report from CrispIdea: