Blockchain Adoption Among Big Industries in the Future Scope of Blockchain Technology

in #eoi-digital5 years ago (edited)

Blockchain is estimated to be worth billions of dollars in the future under big industries—manufacturing, retail, agriculture and finance.

And global leaders and tech experts are stating that blockchain is the disruptive technology the future is waiting for. CoinTelegraph recently published an article stating the monetary value of blockchain in the future. It seems that in every industry, blockchain has found its place enough to be focused upon by small and big businesses alike.

Feature Image from CoinTelegraph | The Projected Value of Blockchain in Big Industry

Estimated Blockchain Value in Big Industries

  • ReportLinker stated that blockchain in manufacturing “is expected to be worth USD 30.0 million by 2020 and USD 566.2 million by 2025, growing at a CAGR of 80.0% from 2020 and 2025.”
  • ReportLinker also stated that blockchain in agriculture “is estimated to be valued at USD 60.8 million in 2018 and is projected to reach USD 429.7 million by 2023…”
  • PRNewsire published a research by MarketsandMarkets saying blockchain in the retail market “is expected to grow from USD 80.0 million in 2018 to USD 2,339.5 million by 2023…”
  • Nick Tomaino from Coinbase stated that “crypto gets from $200 billion to several trillion on just that [speculation].”
The disruptive technology of blockchain and cryptocurrency has been garnering ripples of attention from big industries. The current rise of crypto asset value has been attributed to blockchain adoption by institutional investors and big companies.

Other Countries Are Taking Blockchain As Disruptive Technology

China, Japan, and South Korean have been keen on the future scope of blockchain technology. South Korea called it one of the technologies to lead another industrial revolution, along with big data and artificial intelligence.

Jack Ma from Alibaba emphasized that China is the world’s leading country in manufacturing. And he notes the importance of blockchain in manufacturing industry. China is shifting towards automation and smart manufacturing industries to optimize their production and distribution of products.

He stated at the World AI Conference in 2018 that “AI, Blockchain and IoT will be meaningless tech unless they can promote the transformation of the manufacturing industry, and the evolution of society towards a greener and more inclusive direction.”

What’s Stopping Blockchain Adoption?

Although Blockchain is sweeping industry investments, blockchain can’t fully integrate into the mainstream market. PricewaterhouseCoopers (PwC), a big time international network of companies of professional consulting and auditing, stated that blockchain’s biggest hindrance is proper regulation.

“Businesses tell us that they don’t want to be left behind by blockchain, even if at this early stage of its development, concerns on trust and regulation remain. Blockchain by its very definition should engender trust. But in reality, companies confront trust issues at nearly every turn.” The regulating entities for blockchain are so tight with the technology, that the laws are inhibiting the early capabilities of blockchain adoption. Considering it is still in nascent, controversies, experimentation failures, and skepticism reduce it to what it is today."

Blockchain Adoption: The Next Thing After the Internet

Blockchain adoption controversies are often compared to the dot com bubble. Internet in its early stages faced the same amount of criticism. When it began, convenience and ease of use was greatly compromised. Back then, the world wasn’t as digitally literature as we are now. And the same thing is being seen in blockchain.

Tokenization and crypto assets are being considered the next thing after the internet. With the Internet of Things coming into play, everything is being turned into data. And blockchain is the best framework for it. Anything that involves data needs a trustworthy technology to back it up.

The Future Scope of Blockchain Technology in Expert Eyes

Blockchain technology has a lot more up its sleeve. It’s more than just a medium of digital assets. Often hailed as the disruptive technology, its use encompasses more than just Bitcoin. Blockchain in agriculture is being used by big companies.

The endpoint isn’t to create a product, but to remodel a business framework. Blockchain offers data transparency, something that agriculture badly needs. Considering pricing issues, inventory, and health concerns are always on the line, blockchain can bring more convenient and more efficient solutions than industry has now. Walmart’s Food VP of Food Safety Frank Yiannas describes the current traceability system as costly and impractical. A decentralised public ledger can empower all stakeholders with accountability and avoid risks in the end.

Blockchain in retail is expected to raise the highest revenue. Blockchain as the leading tech towards innovation, blockchain can make transactions and payments faster and more convenient. MarketsandMarkets research stated that blockchain in retail could grow up to $2.339 billion by 2023.

The Value of Blockchain Among Big Industries

With all things considered, blockchain in retail is seen with the highest value at $2.3billion by 2023. Blockchain in agriculture expects $429.7 million by then. Manufacturing predicts a $566 million investment in blockchain. With the other industries like finance, energy, education, etc. expecting the same increase in numbers.

The increased interest among big companies in these industries is helping pioneer mainstream blockchain adoptions. Its capabilities border in speculation, but these companies are investing and speculating enough to risk millions.

If you want more blockchain updates, check out our website. We post updates regarding the latest trends of blockchain, cryptocurrency, and techonology. If you have questions about blockchain, feel free to contact us and we will gladly answer your queries.

Posted from the EOI Digital Transformation and Marketing blog :


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