Blockchain Technology: Disruption Through Innovation

March 2020

Every now and then there emerges a new technology that follows a trail of the predictable hype cycle. Right from incepting with dramatized expectations and then stumbling down the passage of disappointment to eventually arriving at the juncture of productivity; technology goes through a rather foreseeable pathway.

However, once in several years, there emerges a technology wrapped with the promise and potential to disrupt the technological landscape and redefine innovation. Blockchain is one such technology that was not only introduced into the mainstream consciousness as the new frontier in the tech landscape but also boasts the power to live up to its enormous hype.

The rising adoption and expansion of blockchain technology has once again unleashed the technology genie out of the magic lamp and opened the gates of unmatched possibilities across any and every industry.

Understanding Blockchain Technology

Blockchain is a digitalized, transparent, publicly accessible ledger that offers a platform for untrusted or unverified parties to reach consensus on a common digital history. The technology is basically a digitized database that cannot be tampered with neither can it be altered or modified. The technology holds its application in smart contracts, payment & transactions, exchanges, digital identity, documentation, and others.

Over the years, a growing emphasis upon the decentralization of digital ledgers has led to the expansion and proliferation of blockchain technology. The nature of technology makes it highly useful for both large enterprises as well as small- & mid-sized enterprises. Its capability of decentralizing, digitizing, and securing transactions makes it a disruptive technology.

The Ripples of Disruption

Blockchain finds its application across various industries and domains. Blockchain technology is quickly gaining mileage in industries like healthcare, retail, BFSI, and so on. The tremendous opportunity of the technology is being leveraged upon by various other industries, including packaging, banking, and telecommunication sectors. Financial institutions and service providers are integrating their digital database and ledger record platforms with blockchain to enable real-time settlement of transactions. With benefits like accuracy, speed, and reduced risk being quickly recognized by various industry players, its ripples of disruption are expected to only expand and widen in the forthcoming years. This statement can be further supported with the help of Market Research Future’s in-depth report of the global blockchain technology market. The study revealed that the market is projected to attain a monumental compound annual growth of 66.41% during the forecast period between 2018 and 2023.

Fostering Trust and Efficiency Across the Globe

Transparency and decentralization are two of the most significant characteristics of blockchain technology, one that establishes trust and efficiency. The proliferation of the blockchain technology market can be seen spreading wings across the globe. Europe holds the primal position in leading the global blockchain technology market owing to the rapid technological advancements noticed therein. North America, too, can be seen as a highly lucrative market for blockchain technology due to the prevalence of online shopping and digital transactions. The presence of key economies like the US, Mexico, and Canada further aids the region’s market growth.

Elsewhere in the Asia Pacific region, the market is expected to see huge growth as well. This can be attributed to increasing digital transactions, shifting inclination towards online shopping, ameliorating internet facilities, fast-paced urbanization, and surging rate of technological advancements. However, the Middle Eastern and African region is believed to garner limited growth in the forthcoming year, primarily due to lack of awareness, limited advancement in technologies, and lack of proper education.

A Future Echoing Innovation

Debuting in 2008, the potential of blockchain was limited to only bitcoins. However, with time, innovation, and development, the market has seen rapid advancement to make major strides in the global landscape.

Today, it is termed as one of the most disruptive technologies in decades, however, blockchain is still in its initial stages and there are major hurdles for the technology to leap past. Rest assured, the future of blockchain technology will echo nothing less than innovation.

For More Information, Visit: https://www.marketresearchfuture.com/reports/block-chain-technology-market-1708

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