According to a CB Insights report, spending on Blockchain-based solutions will exceed $ 16 billion in 2023. In this regard, the data suggests that approximately 58 industries have unlimited potential for the use of Blockchain.
In recent years, we have seen the participation of large companies in Blockchain, such as Facebook, Samsung, IBM, Amazon, among others. This advance is of great importance, since we can see the potential of Blockchain technology in our day to day.
Even though Blockchain technology is still in its infancy, there is an imminent growth opportunity. This suggests that the industry grows to stay in the market.
The industries that are looking for Blockchain the most
Many companies are starting to use Blockchain for the provision of their data. Such is the case of digital banking, which has been growing in the last decade through different traditional digital wallets such as PayPal or CashApp.
The growth of digital banking means less physical interaction of people with banks. Driving decentralized finance as an engine for banking to be fully digital in the future.
In this way, we must take into account how many industries are adopting Blockchain technology. Atul Khekade, co-founder of XinFin, a hybrid Blockchain of companies, says:
“The innovative intersection of finance and technology is expected to revolutionize commercial financial institutions. The FinTech industry is growing at a rate of 23% year-on-year and Blockchain is about to make finances more efficient“
He also comments that:
“Traditional financial institutions and governments are beginning to realize the benefits of the blockchain.”
Atul Khekade, co-founder of XinFin.
Similarly, Jan Sammut, the founder of IBIS Brokers believes that: “Finance is definitely the sector that has seen the largest adoption of blockchain. Since blockchain networks combine settlement, computing and unit of account in one layer, they are perfectly suited for applications like P2P loans. ” However, finances are not the only ones that adapt the Blockchain.
Following this line, Blockchain is being applied to international settlements and remittances, such as in the Middle East. The adoption of technology with the current COVID-19 outbreak means that there is even a great need for digital services. This can undoubtedly mean great Blockchain growth by 2023.
More and more users and more companies
Several companies have been adopting the blockchain in recent times, such as the supply chain sector. Technology by its own design offers an unprecedented level of efficiency in registering and tracking assets.
Such is the case of IBM or Carrefour, which have also used technology to track food products from farms to stores. It has also been applied in the fashion industry for tracking sustainable materials.
Similarly, due to the social distancing rules that apply, some governments like the Australian have taken precautionary measures to create applications like the COVIDSafe application.
COVIDSafe, is an application created by the Australian government to track social distancing. However, RMIT University Blockchain researchers have questioned data security. Since the Australian government has not released the application source code.
In the same way that the Blockchain industry grows in the potential companies for it. Its founders have the goal of growing more and more in the number of Blockchain wallets in the world.
In this sense, not only CB Insights predicts that the Blockchain will exceed 16,000 million dollars in 2023. But also, one of the co-founders predicts that for this same year there will be 1,000 million wallets powered by the blockchain.
What is expected for the future?
According to a recent study, Artificial Intelligence, Distributed Ledger Technology (DLT), and Blockchain technology will have the biggest impact on asset investments in the coming years. Currently, the asset management industry is valued at $ 74 trillion.
In light of COVID-19, Ernst & Young (EY) said: “Asset managers must proactively consider the valuation challenges that arise from the effect of the COVID-19 pandemic on financial markets.” Not long ago, EY started its blockchain ethereal path and released EY OpsChain and EY Blockchain Analyzer.
Yubo Ruan, a 23-year-old venture capitalist who raised $ 60 million for his fund says:
Pragmatically, this means that financial products like ETFs and mortgage-backed securities can be synthesized on blockchain platforms at significantly less cost. Furthermore, Blockchain-based asset management platforms tend to require lower minimum balances to invest, which is a huge positive for their adoption. ”
Without a doubt, much more is expected from blockchain technology in the future. The growth of Blockchain by 2023 is likely to meet the expectations outlined by CB Insights. It should not be denied that the industry has great potential and that large companies are increasingly adopting it.