Why no one can accurately predict the future, the trend shows where we might be headed. Despite the challenges of cryptocurrencies, the marketplace for blockchain revolution is abuzz with new entrants.
Currently, Blockchain technology is among the most prominent technology trends in the market today besides artificial intelligence. Generally, Blockchain is the technology behind the rise of cryptocurrencies such as Bitcoin and Ethereum. The Blockchain technology offers a combination of decentralized encryption, immutability, anonymity, and global scale.
In fact, the Blockchain technology is to thank for the rising demand of crypto assets in the market today. The success of cryptocurrencies, particularly Bitcoin, opened up a new dimension for investors and researchers to explore and advance in the Blockchain technology. But there is the need to recognize some of the factors involved in the growth of the Blockchain technology.
The finance and banking industry:
Since the implementation of the Blockchain technology in the market, the financial sector was the first and is still leading as far as Blockchain application is concerned. Looking clearly at how Blockchain disrupts industries, we can expect to see more development in the near future. Even though other industries such as the tourism and health sector have benefited from the implementation of the Blockchain technology, the finance sector has shown much interest, use, and potential.
This has contributed to the widespread growth of Blockchain technology. For instance, in 2016, the financial and banking industry contributed over 75% of the global Blockchain market. Research also suggests that the industry is expected to continue to dominate even by 2024.
The rising need of the Blockchain technology in the financial sectors is due to the reduced cost of transactions, faster transactions, and improved security. Compared to traditional systems of money transfer, it’s no wonder many financial institutions are propelled to adopt the Blockchain technology.
Increased cryptocurrency adoption:
Furthermore, the increased acceptance and adoption of the cryptocurrency industry has further strengthened the Blockchain technology. For instance, major organizations such as PayPal, Microsoft, Subway, Expedia, and Shopify are just but a few of big companies that have accepted crypto-driven payment options.
Clearly, the current hype around the potential of the Blockchain technology only means that the technology is still young. And more organizations are expected to adopt it in the coming years.
Additionally, the Blockchain adoption is still ongoing. According to research, North America is leading as most of its companies have implemented the use of the Blockchain technology. Other nations such as Asia, Korea, and Japan, have also shown much interest in the Blockchain Revolution.
Blockchain-based Organizations:
Moreover, we have noticed an increase in the number of Blockchain-based organizations. For instance, projects such as Ethereum, Corda, Ripple, and Quorum are just a few of some projects that been developed following the Blockchain Revolution. The applications of these projects can be found on various bitmex signals.
These projects as well are now being used to build new applications. This implies that the Blockchain technology is indeed very relevant in the market and it’s expected to drive further development in the future.
Furthermore, the Blockchain technology not only supports cryptocurrency but also many more businesses applications. This means that the impact of the Blockchain technology is far way greater than what we can already see or realize. This distributed ledger technology has the potential to change businesses, economies, and society at large. Apparently, this means that the Blockchain technology is just at its beginning and there is more to it.
Developing nations:
The blockchain is a relatively new technology, and most people are still skeptical about it. Many people still aren't smart or educated enough to embrace and take advantage of this distributed ledger technology. For instance, many nations mainly rely on physical money and may not see the need to adopt Blockchain-based systems.
On the other hand, developed nations that use digital technology for transactions are likely to find the Blockchain technology beneficial. This means that injecting the Blockchain technology in developing countries to can bring growth and development. For instance, nations such as India have started to implement Blockchain-based applications which have shown much promise.
Developing nations are paying close attention to the technology which only means more growth not only to the technology itself but also to the respective economies. Additionally, Blockchain developers should pay close attention to specific communities that are behind as far as digital development is concerned.
Internet:
The internet is another factor that has contributed to the growth of the Blockchain technology. In fact, the Blockchain technology is nothing without the internet. Without the internet, it's impossible to transact money or anything else through electronic media. This also means that Blockchain applications such as digital currency would not exist.
On the other hand, the network speed is another crucial factor that can have a positive or negative on the operation of the Blockchain technology. For instance, a remote location with slow internet means that it's impossible or tough to adopt the Blockchain technology.
The Internet Service Providers have contributed significantly to the growth of the Blockchain Revolution. For without the internet, it will be impossible. This also applies to miners of digital currency such as Bitcoin because powerful internet is vital.
The Internet Service Providers can interfere with how the internet operates or transmit. A poor internet transmission means the Blockchain technology will perform poorly. We can conclude that the internet has contributed and is still supporting the growth and development of the Blockchain technology.
Conclusion
The Blockchain technology has faced numerous ups and downs, but it's has thrived. Despite many challenges, its resilience is evident. For instance, technology has suffered a challenge of regulation. Financial institutions and governments across the globe have been pointing out the Blockchain technology needs regulation. This poses a challenge for the Blockchain-based applications.
On the other hand, this has contributed positively to the technology as it has offered a new opportunity for development and innovation. Also, the fact that the technology is still new, we are yet to know how much it can grow and how best it can serve us.
Stevan Mcgrath, is a Bitcoin and cryptocurrency enthusiast, passionate about the potential these tools and blockchain technology bring to the world and writes consistently for CoinReview. He has been following the development of blockchain for several years. To know his work and more details you can follow him on Twitter @McgrathStevan