Because blockchain is emerging as a technology with multiple benefits and applications; It could boost investments from the current USD 800 million to about USD 4.9 billion by 2023. This means an annual rate increase of 65.1% between 2018 and 2023.
The growth that blockchain will experience in this five year period will have its reason in the need of the big companies and the emerging ones, in having a technology that guarantees an active and safe management for their data.
For Avivar Ligan, analyst and vice president of research at Gartner, blockchain technology is not yet up to the needs and expectations of most business projects; because they still do not facilitate the digital commercial revolution that companies demand from business ecosystems.
We would have to wait until 2028 when blockchain becomes a fully scalable technology both operatively and technically.
Currently this technology is not only considered as an exclusive technology of cryptocurrencies and financial issues. But it is now requested in the field of industry and other sectors that have begun to appreciate the benefits offered by this technology.
Sectors such as retail, professional services, manufacturing and banking have begun to point towards blockchain experimentation; for what they are having higher levels of investment seeking the transparency and authenticity that their businesses need.
Among the most relevant benefits that companies are seeing for their blockchain businesses, we have:
- Elimination of intermediaries
- Cost savings
- Risk reduction of fraudulent behavior
- Human error
In addition, identity management is part of the boom that is being registered in Europe, in sectors such as government, banking, consumption, insurance and personal services.
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