Real-world uses of the blockchain today, from supply chain to equity.
Blockchain is increasingly moving out of research and development laboratories and into real-world applications, creating a global market that will grow from £1.2 billion in 2018 to USD 23.3 billion by 2023, according to estimates by MarketsandMarkets.
Here are some of the ways in which organisations are already using blockchain.
Blockchain Growth, Use cases & Facts.
“What the internet did for communications, blockchain will do for trusted transactions.”
— Ginni Rometty
What is Blockchain?
The Blockchain is a decentralized ledger of all transactions across peer to peer network.
Cryptocurrency:
Cryptocurrencies work around the traditional financial system through the use of blockchain technology.
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Bitcoin
Bitcoin is like digital gold, it is valuable because people agree to exchange it for other things of value.
ICO
Type of crowdfunding or crowd investing tool conducted entirely on the blockchain
How Blockchain Works?
As each transaction occurs, it’s put into a block
Transactions are blocked together
Each block is connected to the one before and after it
Each block is added to the next in an irreversible chain.
Growth of Blockchain Technology:
-Average number of monthly ICO went from 8 to 200
-Ethereum grew 50 times
-ICO investments increased 16 times
-14 countries exploring developing official cryptocurrencies
-$2.1 billion: Global spending on blockchain solutions in 2018
-3x: The number of blockchain-related LinkedIn job postings more than tripled over the last year
-20$ Billion: Amount the global blockchain market is expected to be worth in 2024
-69%: Banks currently experimenting with Blockchain Technology
-33%: Bankers expecting commercial blockchain adoption next year
-$8 – $12 Billion: Reported potential annual savings for banks utilizing Blockchain Technology
Why is Blockchain Important?
Records and validate every transaction made, which makes it secure and reliable
Discards the need for any third-party for peer-to-peer transactions
Users are in control of all their information and transactions
Complete, consistent, timely, accurate and widely available
Reduce transaction times to minutes and are processed 24/7
The decentralized system, therefore, it is less risky to be hacked
How Blockchain Benefits you?
-Digital Identity & Passports
-Reducing the burden of paperwork & counterfeit fake Identities
-Voting Systems
-Counterfeiting the manipulation of votes during elections
-Smart Contract
-Buy or sell things without paying any commission to third parties
IOT
The ability for IoT applications to contribute transactional data to blockchains
Cloud Storage
Increased security with a shift from centralized data security to decentralized network
Financial & Banking
Streamline payments processing with high efficiency, fast and secure transactions
Cybersecurity
Fight hacking with the immutability of ledger
Medical / Healthcare
Transparency and automation within the patient-to-hospital or patient-to-doctor transactions
Companies experimenting Blockchain:
1. Walmart – Helps customers streamline the restocking process.
2. Maersk – Streamlines and secures international shipping.
3. British Airway – Manages data about flights between London, Geneva, and Miami.
4. UPS- Increased transparency among all groups involved in the supply chain.
5. FedEx- Launched a pilot program to help solve customer disputes.
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