The rise of Blockchain Technology

Blockchain Technology is considered as the second most popular technologies in the world after Machine Learning in recent times. It is the word that seems to be on everyone’s lips these days. 

It's a slightly mysterious technology to understand but it worked well behind the success of cryptocurrencies like Bitcoin. Those who believe the technology says it is the biggest ever revolutionary technology since the internet. Blockchain Technology is the key technology of decentralization networks. According to IHS Market, 10% of world GDP would come from blockchain technology by the year 2025.

There was no coincidence that the inception of Blockchain Technology in 2008 appeared shortly after the financial crash. Lack of investor confidence in bank solvency and declines in credit availability led to plummeting stock and commodity prices in late 2008 and early 2009. In late 2008, Bitcoin introduced the concept of decentralized ledge underlying Blockchain Technology. The distributed ledger is theoretically both secure and transparent. There is no need for middlemen like Centralized Bank because everyone knows about the details in the network. Blockchain Technology initially starts with cryptocurrency applications and spreads to other industries like Supply Chain, health care etc.

The global blockchain technology market size was valued at USD 3.67 billion in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 82.4% from 2021 to 2028. Increase in global acceptance for cryptocurrencies around the world is one of the reasons for the increase of the market. The banking and financial services application area is expected to hold the largest market size in the blockchain market during the forecast period. There are over 70 million blockchain wallets registered around the world.

·         Banking sector alone could generate up to $1 billion in revenue from blockchain based cryptocurrencies.

·         The Internet of Things (IoT) is already considered a billion-dollar industry. 20% of IoT technologies have provided blockchain-enabled services.

·         Around 4 billion mobile wallets are the most preferred form of blockchain wallet for majority users.

·         The transaction based on blockchain technology rate per second in June 2021 is 2.58.

·          Total spending incurred while integrating blockchain into the healthcare sector could rise to $5.61 billion by 2025.