Blockchain technology is a little over 12 years old and there’s hardly any major company or technology today that doesn’t interface with and benefit from blockchain. The speedy rise of blockchain adoption mirrors that of other paradigm-shifting technologies such as the internet and cloud computing.
In less than a decade and a half of use, blockchain technology has already become pervasive, with diverse uses in virtually any industry. The technology has already come a long way, but how far has the industry come and where is it going?
How Pervasive Is Blockchain Adoption?
Overall, the worldwide global spending on blockchain technology solutions is expected to double each year for the next three years, and the growth rate of blockchain technology use is just as astounding.
The global blockchain market has been growing steadily since 2017 and is currently expected to grow at a compound annual rate of 69% between 2019 to 2025, according to a study led by Tech Jury. Moreover, blockchain has grown in users at rates similar to those in the internet’s early days.
How Valuable Is Blockchain Technology?
Some people believe that blockchain technology’s claims of value are too good to be true. However, that’s definitely not the consensus of enterprise leaders across the globe.
The same study has revealed that, at the end of last year, 60% of CIOs reported being close to integrating blockchain into their infrastructure. This is a steeply upward trend, too, considering that more than half of all CIOs surveyed had no plans to incorporate blockchain technology into their business between 2016 and 2018.
And it’s not just private enterprises that have blockchain technology adoption locked in their sights. Tech Jury also reports that over 80% of central banks worldwide are considering introducing and implementing their own cryptocurrencies.
Perhaps the immensity of blockchain’s rise is most breathtaking when taking into account the level of individual use of cryptocurrency, with its basis in blockchain technology. The number of individual registered blockchain wallets worldwide has grown by over 700% since 2016.
Unless most enterprise leaders who are in a position to appraise the value of blockchain technology adoption — worldwide — are wrong, it’s apparent that the benefits of blockchain technology adoption make them much more significant than a fad.
One doesn’t need to simply follow the herd to see that blockchain has genuine benefits. Some of these benefits are pretty self-evident, especially with the high level of security allowed by its consensus-driven validation mechanisms and state-of-the-art encryption features. What’s more, the enduring benefit of blockchain technology is readily evident from the way these mechanisms and features eliminate the need for intermediaries.
Ultimately, removing these intermediaries eliminates inefficiencies and unnecessary expenditures from enterprises’ bottom lines.
In part two of this discussion we discuss how to remove these intermediaries and how we see the technology moving beyond enterprise and into the home.
If you’re interested in partnering with AIKON to streamline your business with blockchain, contact us.