EXACTLY WHAT WE NEED TO HEAR ........18 Jul 2022 17:42
Extracted from Exponential Investor news....
.....For example, blockchain can be used for instant, cross-border payment settlement and remittance, whilst also improving verification and security of transactions.
Secondly, blockchain will have a big impact on supply chain-tracking industries, such as logistics. As mentioned above, blockchain allows transactions to be recorded and monitored on a digital ledger. This concept can be adapted to blockchain-based “tags” which can be used to track the provenance of goods in a supply chain.
Finally, another use case for blockchain will be cybersecurity. Cybersecurity is a huge problem for the global economy, and is expected to cost the world $10.5 trillion annually by 2025. Blockchain could help alleviate this issue, by decentralising assets, data and security infrastructure, thereby putting it all out of reach of hackers.
In the grand scheme of things… blockchain isn’t that big compared to other areas of the technology world, for now.
However, what really matters is the direction in which it is heading.
As cryptocurrency continues to be adopted at a retail, institutional and sovereign level, blockchain will become more valuable to the global economy. What’s more, the technology is bleeding into other areas of industry other than just crypto.
In terms of the hard numbers, Statista estimates the blockchain technology market size was $6.92 billion in 2021. By 2027, the industry is estimated to be worth $162.8 billion, a near 24-fold increase.
In addition, as of February 2021, 612,000,000 blockchain-based transactions had been made. And by 2024, corporations are predicted to spend $20 billion per year on blockchain services.
The scary thing is, is that blockchain is still at an early stage of its development. However, its intertwining with the global financial system looks to be both inevitable and unstoppable.
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