The global market
for Blockchain Technology is projected to reach US$14.2 billion by 2025, driven
by the growing confidence in the technology’s disruptive ability to democratize
and decentralize the next generation of Internet (Web3). Benefits of a decentralized
Internet include less corruptibility; more resistance to corporate and
political regulations; and increased safety and security as data is not stored
in privately-owned silos. Myriad application possibilities currently orbit around
the technology adding significantly to its robust outlook. Built for
disruption, few of the innovative uses of blockchain include enabling safe
exchange of cryptocurrencies like bitcoin; execution of smart and automated
contracts; secure and automated control of IoT devices; revolutionizing supply
chain auditing in a manner that will combat fraud; peer-2-peer execution of
stock market transactions and elimination of intermediaries like banks and
agents; secure smart energy grid management in smart cities; smart healthcare
with secure and interoperable health information exchanges for reduced costs
and improved patient outcomes; combating black markets and shadow economies and
ensuring social justice; improved efficiency, transparency and collaboration
across the agriculture and food systems. Defined as a distributed consensus
algorithm, blockchain is attracting massive venture capital funding,
highlighting the craze surrounding the technology. Also, government interest in
blockchain is growing for protecting critical infrastructure against the
backdrop of strong proliferation of e-governance. In the coming years,
development of global standards and governance guidelines will spur blockchain
into a mainstream technology. Read More…
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