Barriers to be crossed to Implement Blockchain TechnologyNovember 28, 2018
The opportunities in the blockchain technology market are rising with rapid development in the different segments of the market.
The growth rate of the technology in the different market segments of this technology is based on the driving factors.
The leading vendors in blockchain technology in the worldwide market provide for financial and non-financial services. They make use of products based on the public blockchain, private blockchain, and hybrid blockchain services.
The global market scenario for this technology is based on industrial advancements concerning the scope of the product, the application being promoted, the net edge offered by the product, the scope of the item, the net income and its prospects of development over the years.
Ultimately, those solutions that provide a satisfactory answer to the users drive the trend. This technology has a significant impact on the way; international trade will be carried out. However, before deploying this technology in the different industries, the challenges involved should be considered.
This technology will influence almost every industry like finance, trade, logistics, transportation, and customs clearance.
It has been projected that the year 2018 through 2021 will be marked by a few high profile success of deployments mostly driven by the enthusiasm of the investor with growth rate ranging from 205 to 120%. The year 2022 through 2026 has been projected as the years that will be marked by several successful investment models, which will be mainly focused on investments with the growth rate ranging from 25% through 100%. The year from 2027 through 2030 will be large scale global value-added services with 100% through 40% growth rate.
It is expected that this technology will cut trading costs by improving automation and facilitating transparency. This is inclusive of coordinative activities, financial intermediation, and differences in exchange rate costs. When the challenges and barriers involved in the blockchain technology are removed, this technology can lead to more than $1 trillion in new trades over the next decade.
Fighting fraud will be made easier by creating efficient smart contracts. The government procurement processes can as well be enhanced. The intellectual property rights across multiple jurisdictions can be administered transparently and efficiently.
Supply chain management will become more efficient. Shipment tracking will be made possible with 100% authenticity. Newer opportunities will be opened to medium sized, micro-sized and smaller companies.
The blockchain technology is highly re-silent when compared to the traditional databases considering their cryptographic techniques and distributed nature of their decentralized existence. To identify the use cases, a multi-stakeholder approach is to be made in this industry.
There are several companies making use of the blockchain technology, and despite the best standards, we cannot assure that this technology can be used across every industry type.