Blockchain technology is set to become a $40billion industry by 2025, as what started out as an open-source method for securely recording crypto transactions has evolved into a viable alternative to traditional finance.
Beyond its application in cryptocurrencies, blockchain technology is transforming a wide variety of industries from healthcare to real estate and entertainment, data from StockApps.com, a mobile trading platform, indicated.
“Blockchain technology has taken the world by storm. We’ve seen it take over the cryptocurrency market and completely change the way we think about making payments, but it’s also become a force in many other sectors, from healthcare to real estate to entertainment,” said Edith Reads, author at StockApps.com.
“And as it grows, the blockchain industry is projected to have a massive impact on the global economy,” she added.
The banking sector will be the main driver of growth in BC tech given that it is already one of the largest adopters of the technology today, StockApps projected.
“Moreover, it’ll facilitate faster cross-border settlements. Its P2P nature eliminates intermediaries who are an impediment to faster transactions. Following its adoption, users can complete their transactions almost instantaneously,” StockApp’s report read.
Beyond its implications to banking, other industries are also making significant investments blockchain adoption as it becomes a vital tool for managing supply chains given that it facilitates the traceability of products.
“Again, blockchain tech is finding its home in Healthcare. The traditional system of keeping records is inadequate as it can lead to the loss of sensitive patient information. Blockchain eliminates that by creating a digital and immutable copy of that information, discreetly enhancing patient management,” StockApp’s report outlined.
Many countries are also using the technology to manage and automate government services. These include the public service management and the issuance of critical information like property ownership and transference.
“All in all, Blockchain Tech has wide applications across every facet of our lives. The examples given don’t even scratch the surface. Moving forward, the technology will gain even greater prominence in human affairs,” the report concluded.
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