Adoption, Usage of Blockchain Tech to Gather Speed - Study
The adoption and usage of blockchain are expected to accelerate as more industries come to realize the benefits of the technology, according to a new report from Esticast Research and Consulting.
Developed after the 2008 global financial crisis, a blockchain is a decentralized ledger designed to replace an outdated financial system that is seen as corrupt, unethical, and unfair. It was built with nobody in charge, and now more industries are using the technology for various financial and non-financial applications.
Commenting on the possibilities for application, Esticast said:
"Blockchain has proved to be useful in reducing 75% of the time consumed by IBM Global Financing in resolving financial disputes. Furthermore, the technology is capable of stretching its arms towards applications such as weapon/vehicle registrations, voting system, confirm ownership of antiquities, and medical records. The global blockchain market is expected to offer humongous opportunities to the market players during the forecast period."
Since blockchain promises enormous opportunities for many sectors, migration to it is gaining traction.
Blockchain is changing various industries
An independent study by Research and Markets indicated that blockchain and cryptocurrencies are transforming multiple industries, setting them on a growth trajectory of their own. The accelerating adoption of the technology is creating more opportunities for market growth.
"The demand for distributed ledger technology, reduced total cost of ownership, rising cryptocurrencies market cap and initial coin offerings, increasing demand for simplified business processes, transparency and immutability, faster transactions, and Blockchain-as-a-Service are said to fuel the growth of this market."
Brazil to use blockchain in crusade against corruption
One promise of a decentralized system using blockchain is its ability to fight corruption. This idea registered with Brazil, where state-owned tech firm Serpro wants to launch an anti-corruption campaign using a blockchain-based platform.
The company launched a blockchain in late 2017 to support the country’s fight against fraud and corruption. Serpro director-president Gloria Guimaraes said that blockchain “is a good tool to reduce corruption and fraud," adding that the technology could be used to help the Brazilian citizens, the business community, and the government "to improve their controls, reduce their fraud and improve their records.”
However, other industries and sectors could take advantage of blockchain. The technology is still very young, and more benefits should emerge as it evolves and adoption picks up pace.