Growth of blockchain technology
Blockchain technology is yet to reach widespread adoption globally, despite of manifesting significant upsides. The market is expected to leapfrog in the short term due to its benefits such as cost-effectiveness, transparency and improved security features. Market outlook for overall blockchain technology market as well as aforementioned sub-segments has been provided for the period The report provides comprehensive coverage on major industry drivers, restraints, and their impact on market growth during the forecast period.
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Content:
- The Future of Blockchain Technology
- 9 Blockchain Stocks to Invest In
- Blockchain and Sustainable Growth
- Blockchain’s next frontier: Shaping the business model
- The Growth of Blockchain Technology
- Ecosystem Readiness: Blockchain Adoption is Driven Externally
- Blockchain beyond crypto
- Blockchain Technology in Healthcare Market value to reach millions by 2025
- History of blockchain
The Future of Blockchain Technology
In December , I wrote an article discussing the growing popularity of blockchain software and predicted that this trend would continue to gain momentum in , especially in the banking industry.
This prediction seems to coming true, and the popularity of blockchain is expanding more than ever into other industries, such as music, accounting , governments, and online marketplaces.
Even though the technology is still relatively new and unknown to a lot of people, some companies and industries are investing in it because of its unique set of features. It is an automated digital ledger that records every transaction that passes through a computer and broadcasts these transactions to an entire network of computers on a peer-to-peer system. This adds another level of security because each transaction is verified several times and is extremely hard to tamper with or falsify.
Steps involved in a transaction using blockchain Source: G2. When blockchain was originally created in , it was primarily used for cryptocurrency or crypto transactions. Category traffic for these categories has increased from 1, page views to nearly 2, just three months later, with users also viewing more individual profiles and staying on each profile longer.
This highlights that the interest in this technology is increasing across all facets of blockchain, especially as this technology is better understood and more widely accepted. Is blockchain technology still gaining popularity amongst banks as I predicted in December ? According to hackernoon and medium , who have been tracking the numbers of banks that are currently using, or plan on using blockchain technology, my answer would be yes.
Another important factor contributing to this booming popularity is the transparency of all transactions within the blockchain. For example, entries to ledgers cannot be erased or changed, allowing people to see all transactions that have taken place.
It also builds audit trails around the exchange and movement of personal data between organizations and individuals which can help build trust between parties. With the ever-increasing volume of data , it must be easily available, secure, and usable. Traditionally, this requires a lot of human interaction by entering the data, reviewing it, or reporting it, which is not only time consuming but also opens the door to human errors. Blockchain technology can replace GLs by automatically validating and recording transactions, which saves time and eliminates human errors since the accountant no longer has to review several documents that could be stored in several different locations.
This software also gives transparency to clients because every transaction is verified and available in one place. When dealing with clients concerned about digital security and bookkeeping, or those who own some type of crypto , accountants need to understand this technology and be able to use it for recordkeeping and financial planning. The accounting firm PricewaterhouseCoopers PwC may be the most involved and invested sizable accounting firm with regards to blockchain.
They already have a program in place that trains thousands of employees in the use of blockchain and cryptocurrency and have also developed a validation and auditing solution for cryptocurrency. It seems that PwC is all in on the blockchain trend and is preparing their employees now to try and get a leg up on the competition in the future. Even certified public accountants CPAs are beginning to use blockchain applications for secure recordkeeping, financial planning, tax audits, and tax returns.
As mentioned above , smart contracts are one of the most popular features of blockchain that can be used across almost any industry. A great example of software using smart contracts is MediaChain , which is a solution that shares media information such as who owns a song's publishing rights across applications and organizations.
They use smart contracts to help musicians get paid for royalties by entering the artist into a decentralized , transparent contract that makes sure they get paid in full and on time.
Audio streaming and media services provider Spotify was so intrigued by this software that they bought MediaChain back in to assist in connecting artists and other rights holders with the tracks hosted on their service.
G2 currently has reviews across four blockchain categories, 10 of which highlight smart contracts, and have an average G2 score of 4. Reviewers have commented what they like best about smart contracts saying,. Data is very much secure with private keys, smart contracts are the backbone. They also mentioned what business problems they solved using smart contracts in blockchain and said,. Governments are also realizing the advantages of blockchain technology and are utilizing its capabilities to better serve their citizens.
Right here in Illinois, where G2 is headquartered, the state government has created the Illinois Blockchain Initiative , which among other things, will be used to better protect and organize social security numbers, birth and death certificates, and voter registration cards of Illinoinians.
Another use of blockchain technology that has emerged, especially since the COVID pandemic forced people to be at home longer, is websites using it to auction and sell digital items online, such as Mintable.
This probably sounds similar to platforms like eBay, but the kicker here is that not only are all products digital such as art, games, music, videos, and even domains , but they are added to a blockchain and paid for using crypto. Apps like these use smart contracts by letting the seller fill in the details about the item that automatically creates the contract.
Only time can tell if these predictions will become a reality, but the fact is that blockchain is here to stay. Nathan is a research analyst at G2 focusing on finance and accounting ERP software and their respective markets. He is naturally curious and passionate about all thing tech, and has previously worked for tech giants such as Oracle and Toshiba.
He has over 13 years of analytical experience in industries ranging from health care and transportation logistics, to foodservice and software. In his spare time, Nathan enjoys listening to live music, building his record collection, cooking, and doing anything outdoors. Research News Feed. Application Research. Analysts Research Methodology Reports Insights. What is Blockchain Technology? Nathan Calabrese. Recommended Articles. Use cases of blockchain technology:.
Accounting : For accounting purposes, blockchain technology assists in automating asset and ledger recordkeeping duties. Financial services : In the financial services industry, blockchain software is used for payment infrastructures, compliance and auditing, and credit scoring, to name a few.
Smart contracts : Smart contracts are self-executing contracts based on agreed-upon terms between buyers and sellers that are written into code. Storage management : Blockchain helps in the storing and saving of data in a decentralized network that utilizes unused hard disk space of users across the world.
This decentralized infrastructure is an alternative to cloud storage. Security : Blockchain software allows for transactions to be almost impossible to alter or falsify, and are validated many times over.
9 Blockchain Stocks to Invest In
Dublin, Dec. The global blockchain technology market size is expected to reach USD It is projected to expand at a CAGR of The growth can be attributed to the increasing number of merchants accepting cryptocurrency. At the same time, the growing interest of financial institutes in blockchain technology is also driving market growth. High investments in blockchain by leading banks and other financial institutions have led to various advancements in technology, thereby improving efficiency.
Blockchain and Sustainable Growth
Yes, blockchain technology is the foundation of Bitcoin and other hipster cryptocurrencies. But computer scientists and business leaders think it has the potential to transform global commerce, law, politics, and more. Consider elections. With blockchain technology, each vote could be recorded anonymously in an unalterable public ledger. Final results would be beyond question, with no possibility of human tampering. A blockchain-equipped car could pay for its own fuel with cryptocurrency. In face of an accident, it could automatically contact the insurance company and send precise information about the damage. These are just two of thousands or millions of ways blockchain technology can transform the way we live by making data open, anonymous, and unalterable.
Blockchain’s next frontier: Shaping the business model
You may know blockchain as the technology behind Bitcoin and several other cryptocurrencies. However, many investors don't have a thorough understanding of blockchain or the best ways to invest in this exciting tech trend. Here's a brief overview of blockchain technology, followed by some of our favorite blockchain stocks -- and one important principle blockchain investors should keep in mind. Blockchain is a form of ledger technology also known as distributed ledger technology that keeps records in a decentralized manner.
The Growth of Blockchain Technology
We are at a unique moment in history: our society is in transition from an industrial economy to one defined by a new set of technologies, ranging from digitalization to nanotechnology. Among the latest waves of digitalization is blockchain—a technology that many say promises to redefine trust, transparency and inclusion across the world. Blockchain, however, is a relatively immature technology and can create as many problems as it solves. What it has offered so far is a series of key insights into emerging technologies and how we can approach them in a rapidly changing world. We are now in a liminal period for digital technologies. Nearly all the benefits of having access to computing power were previously kept inside corporations.
Ecosystem Readiness: Blockchain Adoption is Driven Externally
The global blockchain market size was USD 3. The global impact of COVID has been unprecedented and staggering, with the market witnessing a negative impact on demand across all regions amid the pandemic. Based on our analysis, the global market exhibited a significant growth of The market is projected to grow from USD 4. The COVID pandemic caused the closure of most production facilities, which has disrupted the entire economy and investment in digital technology. However, the novel coronavirus acted as an accelerator for digital ledger solutions. Owing to pandemic, from government to retail, every sector has shifted towards digitalization to continue business operations.
Blockchain beyond crypto
Blockchain technology has been extensively tested, implemented, used, or even abandoned by organizations. Whether organizations adopt blockchain technology depends on many factors. Previous literature has identified a range of potential factors affecting the adoption of blockchain technology, but most studies have focused solely on a subset of specific factors.
Blockchain Technology in Healthcare Market value to reach millions by 2025
Blockchain technology is one of the most critical emerging technologies. Countries are promoting the development of blockchain technology vigorously. Theoretically, blockchain technology improves the trust between enterprises, reduces information asymmetry, and promotes efficiency. It should promote corporate performance, but analyzing the actual data of Chinese listed companies, contrary to expectation, blockchain technology makes corporate performance decline. We found that this is mainly due to the effect of adverse selection through analysis and empirical tests. The enterprises with worse performance are more likely to use blockchain to the hype.
History of blockchain
Life Sciences Healthcare Healthcare Administration. Global Blockchain Technology Market in the Healthcare Industry, — As the healthcare market struggles to find a trade-off between the risk and reward of going digital, the potential application of Blockchain technology provides a timely solution to mitigate some of its pressing needs around trust and security with digital workflows. A Blockchain or DLT is a new data structure that creates trusted, distributed digital ledgers for assets and other data. It is an immutable record of digital events shared peer to peer between different parties. It can only be updated by the consensus of a majority of the participants in the system and, once entered, the information is very hard to erase. This will lure early adopters that have waited, to finally jump on board, creating the much-needed network effect in the healthcare space. Health insurance payers, providers and pharma companies are expected to be the early adopters of Blockchain systems compared to other healthcare industry stakeholders.
HS2 Ltd has successfully implemented blockchain in a section of its procurement pipeline to increase trust, efficiency and value. It hopes to expand its use of the technology to wider processes on the supply chain. Together, they explained the objectives and outcomes of the blockchain trial undertaken by the Skanska, Costain, Strabag joint venture, alongside Deloitte, on High Speed 2 HS2. Blockchain is a form of cryptography that links together blocks of information in a secure chain, where each piece of information is given specific timestamp and transaction data that is practically impossible to hack or alter.
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