20 Sep Blockchain; Big and Getting Bigger
In 2015, the blockchain technology market gained revenue of US$315.9 million. The forecasted revenue gain for the next several years leading up to 2024 is US$20 billion (source). Netscribes confirms this research with similar findings of their own pointing to growth rates of 42.8%CAG by 2022 and revenue of $14 billion (). This is incredible growth and is far too big to ignore!
The growth of the blockchain technology market is in part being fuelled by large investments by big players such as Foxconn and Walmart. Truthfully, however, this is just a reflection of how blockchain is having transformative impacts on industries across multiple sectors. As Walter Schwabe, CEO, fusedlogic has said: “Blockchain is changing the world and there is not an industry or business that will not be affected in some way.”
Another factor in the future growth of the blockchain technology market is the nature of the tech itself. Blockchain enables trust in a trustless society. The data stored and preserved in the blockchain becomes immutable and irrefutable through the application of the technology. Mr. Schwabe puts it this way. “Blockchain has a potential application anywhere there is a question of trust. Ask yourself ‘What do we have to prove and who do we have to prove it to?’” The nature of this question illustrates the sheer volume of applications possible with blockchain technology.
In this TED Talk, Bettina Warburg, Co-Founder of Animal Ventures puts it this way: “The fact that the very thing that makes it work. The very thing that keeps the blockchain secure and verified, is our mutual distrust. So rather than all of our uncertainties slowing us down and requiring institutions… we can actually harness all of that collective uncertainty and use it to collaborate and exchange more, and faster, and more open.”
Blockchain is an enabling technology. It will allow, among other benefits, greater security and transparency; increase trust; decrease corruption thanks to its immutable nature; increase accessibility to critical resources for underprivileged groups; and peer-to-peer banking.
Up until this point, we have only just begun to scratch the surface of the future potential of the blockchain technology. As the tech continues to grow and evolve the potential applications and use cases will only become more robust.
For businesses forward-thinking enough to get involved early on with blockchain, the benefits and competitive advantage will be massive.
If you would like to talk about the impact of blockchain in your company or industry, get in touch with the fusedlogic labs team today!