Blockchain has shown promising future with its demonstrated application across industries. The underlying technology in blockchain—distributed ledger – has found use in almost every sector. With cryptocurrency it has revolutionized finance, while with smart contracts it has added more transparency, reliability, and security to supply chain.
With the aim to further add these attributes to business processes, companies are now proactively building blockchain-based applications popularly called Dapps, and are heavily investing in blockchain. Blockchain certifications offered in Dapps, ethereum, cryptocurrency are helping companies to find talent required for these jobs.
Worldwide, in the last one year, the spending in blockchain has increased by 88.7%, which amounts to $2.9 billion, increased from $1.8 billion. In the future, this spending has been projected to grow at a compound annual growth rate of 76% which will amount to $12.4 billion by 2022. In the U. S alone, the spending on blockchainwill grow to $41.1 million by 2025, according to CBCA (Central Blockchain Council of America). Click here now to stay up-to-date on bitcoin news today various thematic areas in the cryptocurrency world.
Investment across different sectors
Blockchain has positively impacted every sector. As it gets better, it will find new use-cases. In order to bring forward these use cases, it will need skilled workforce and technological resources. In simple words, it will require more investment. Some sectors will see more investment than others
Security is of utmost importance in banking. Digital identity, tokenization, audits trails, and smart contracts are some of the popular use-cases,which rely on the security aspect of blockchain. Moreover, the following uses-cases will see further development—
Sidechains:
The size of blocks in Bitcoin has been debatable. Sidechains will take that limitation away.
Trade settlement:
Using smart contracts to settle stock trades which currently take 3 or more days for settlement. For instance, situations like T+3.
Automated governance:
Bitcoin is the first example of governance. Blockchain will further foster building centralized governance.
Audit:
Financial institutions spend money to secure customer information and other details. Still they are susceptible to hacks and identity theft. As blockchain captures impression of people who access information, blockchain-based will overcome this challenge. A similar use-case is useful for health records.
It will continue to see progress and more investment.Banking and finance together will approximately see an investment of $1.1 billion. It will be followed by manufacturing and distribution services sector, which will count around $653 million and $652 million investment respectively.
Investment varies across economies
The worldwide investment varies across economies. In 2019, according to a infographic by CBCA , following three economies will have prominent investment —
1. USA
2. Western Europe
3. China
Some countries are intensively focussed on blockchain, while some countries in Western Europe have relatively less investment. China will invest an estimated $319 million, while western Europe together will see a total estimated investment of $647 million.
Prospering blockchain
Evidently, investment in blockchain will grow. A step forward towards making blockchain mainstream. As more companies adopt it, the investment will grow. It will further pave way for innovation and lead to new business opportunities and employment.
