The future of blockchain is near and banking isn’t the only industry affected. See how law enforcement, ride-hailing, and others could also be impacted.
What began as the basis of cryptocurrencies such as Bitcoin, blockchain technology — essentially a virtual ledger capable of recording and verifying a high volume of digital transactions — is now spreading across a wave of industries.
Blockchain tech has gone far beyond its beginnings in banking and cryptocurrency: Annual global spending on blockchain applications has almost tripled since 2017. Annual spending on blockchain solutions will reach nearly $16B by 2023, according to CB Insights’ Market Sizing Tool. Industries from insurance to gaming to cannabis are starting to see blockchain applications.
Bitcoin’s popularity helped demonstrate blockchain’s application in finance, but entrepreneurs have come to believe blockchain could transform many more industries. Ultimately, the use cases for a transparent, verifiable register of transaction data are practically endless — especially since blockchain operates through a decentralized platform requiring no central supervision, making it resistant to fraud.
As companies use blockchain to drive greater transparency and veracity across the digital information ecosystem, they’re boosting awareness of the technology in sectors ranging from infrastructure to public policy. Here are the latest innovative ways companies are harnessing the power of global blockchain.
Credits: CB Insights