How is blockchain technology paving the way for the future?

In every aspect of our lives, we are moving forward towards automation. We have come a long way from the era of memorizing our friend’s number by heart to digital contact book. Thanks to our phone contact book we need not fuss over remembering those long ten digits mobile phone numbers. Enter the digit in your phone book, and you are set for life (life of handset). Or if we talk about that painstakingly handwritten to-do-list, highlighted and placed conspicuously to avoid being forgotten. The bounty of reminder and organizing apps and evolving technology have blessed us. With constantly evolving technology, the storage method is also changing, and among all the most disruptive and revolutionary technology has held its head high, known as the “Blockchain”.

Blockchain is one of the most innovative methods of online data storage. In this unique technique, user data is recorded within a computer network without giving owning privilege to a single entity. Out of all the unique features, data storage within the watertight security system makes data immutable for generations.

Learn more about blockchain technology.

The future of blockchain technology

The future belongs to the blockchain. Let’s check the statistics and market predictions.

Blockchain technologies will authenticate 30% of the world news and videos in 2023 for real.

By 2025, 50% of people will use mobile-accessible cryptocurrency accounts, i.e., who have smartphones but do not have access to a traditional bank account?

Multiple blockchain technical standards will enable smart contract development and deployment by 2023.

The cost will exceed returns for 30% of smart contracts by 2023

Private key protection and a significant cryptocurrency exchange using multi-party computation for sign-off will rise from 1% to 50%.

It is expected that blockchain will sustain interventions in almost all facets of life and transform industries and lives for better soon. From the supply chain to the Internet of Things, from governance to stock trading; blockchain will show its presence everywhere.

According to Gartner, the rise in technological advancement in blockchain technology by 2023 common blockchain platforms will inter-operate, scale, easy to use and access and readily support trusted private transactions with data confidentiality to meet enterprise requirements.

Have a look at these difficult to digest statistics

• The blockchain market in 2017 was about $339.5 billion, and we expect it to cross $2.3 billion by 2021.
• As per IDC, global spending on blockchain development in 2018 will be $2.1 billion, and this will lead to a huge leap from proof-of-concept projects to blockchain solutions.
• Being a blockchain innovation leader, the US alone will spend 40% of the global blockchain spending in the financial and manufacturing area.
• Till 2022 will be 42.8% blockchain growth per year. The major reason behind this upliftment will be blockchain adoption in money exchange and the growing interest of world banks in creating cryptocurrencies like utility settlement coin (USC) to ensure cross-border transactions.
• 71% of business leaders adopted blockchain technology globally as they believe it will play a pivotal role in advancing technology and will support industry standards.

Four chief advantage of blockchain technology

• Stringent security

Security enhancement is the most conspicuous advantage of Blockchain app development. Financial and banking sector is prone to attack by hackers and fraudsters. Before being entered in a decentralized ledger, all transactions in blockchain are viewed by authorized members. It becomes impossible to alter the data from a single point since the information is stored in a chain of computer systems.

• Unparalleled transparency

To change a single record, it would require altering of all subsequent records. For traditionally opaque organizations like financial services and insurance, blockchain hails as a next big thing due to its immutable history.

• Incremental efficiency

In the complicated payment process, blockchain circumvents the need for an intermediary. In cross border peer-to-peer remittances, it enables faster transactions. Through a central system of recording ownership, property management workflows and contracts in finance are rendered efficiently.

• Cost optimization

By 2022 as per records, blockchain will potentially reduce infrastructure costs in the financial service industry and save USD 15bn to USD 20bn in a year. Because of the reduction in manual work, this phenomenal cost optimization will be made possible. On time-consuming, redundant processes the employees will save time and can focus on things that matter. Compliance Reporting and audit will become quite hasslefree.

Major sectors which have witnessed the wave of disruption due to blockchain technology

• The financial industry and banking
• Insurance
• Data management
• Product supply chain
• Real estate

Wrapping up

Certain industries seem to be more suited to blockchain mediated solutions at the development level — including financial services, government and healthcare. Recently we are witnessing COVID-19 crisis and in blockchain solutions can address this global payments and trade. For various use cases, it will require cohesive investment in blockchain application development and testing. Check how we are using blockchain technology in our company and the services we provide.