By 2022, the blockchain market is estimated to grow beyond $60 billion.
That's a big increase from 2017's $708 million in global spending on blockchain technology.
In fact, there are seven key trends that will emerge and accelerate throughout the next five years:
Keep scrolling for details on each of these points…
1. Blockchain App Development Will Explode
New software development projects will rise by an average of 14% per year until 2022. And blockchain apps are expected to make up 89% of all internal fintech app development projects in 2018 alone! There are already more than 13 million cryptocurrency wallets used around the world today, with 30% annual growth projected through 2020, driven by demand for secure digital transactions performed without third-party intermediation.
2. The Social Impact of Blockchain Technology Will Grow
Yes, blockchain technology will significantly impact the social sector leading to:
· An increase in global charitable donations and relief funding through cryptocurrencies that eliminate borders and counter corruption;
· Immediate disbursement of aid or micro-finance via smart contracts;
· True democracy facilitated by transparent vote counts and immutable election records; and
· Incorruptible information storage of academic credentials, medical records, insurance claims, resumes/CVs/reference letters, etc.; free from tampering or revisionism by third parties (e.g., Cambridge Analytica).
3. Blockchain Technology Will Continue to Grow in Finance
According to best Mobile App Developers expert's, More than 45 central banks are already considering the integration of blockchain technology! In fact, it is estimated that 80% of global financial institutions will have initiated blockchain projects by 2020. Blockchain technology has applications for:
· Payments and money transfer;
· Syndicated lending and fund distribution; and
· Compliance automation using smart contracts.
4. Blockchain Technology Will Push Cyber Security to New Heights
In the past 12 months alone, more than $1 billion-worth of cryptocurrencies were stolen by hackers, which is more than all previous years combined!! This trend shows no signs of slowing down… but why? Blockchains provide immutable records without centralized points of vulnerability and new cybersecurity technology will be created specifically for this purpose.
5. Blockchain Technology Will Bring New Levels of Trust and Transparency to the Supply Chain
Today, more than $40 billion-worth of goods sold in global retail are counterfeit or tainted . It is estimated that 10% of all products made in China fall into this category (and many other countries' numbers aren't much better). Blockchain's encrypted, immutable records provide a means to track goods from end-to-end through the supply chain so they can be verified as genuine… which will reduce counterfeiting and "leakage" throughout the chain!
6. Blockchain Technology Will Improve Connectivity and Privacy Rights Worldwide
The worldwide population without Internet access is more than 4 billion people! And about 53% of the world's population owns a smartphone. These numbers are expected to increase exponentially in the next 10 years. Blockchain technology will be used to provide connectivity and information rights for people worldwide by:
· Breaking language barriers (e.g., Google Translate with AI);
· Expanding access to knowledge and education; and
· Providing personal ownership of identity authentication and data storage (through blockchain-based digital identities).
7. Blockchain Technology Will Facilitate Data Sharing and Healthcare Advancements
Currently, there is no standard methodology for securely sharing health records between doctors, hospitals, insurers, pharmacies, etc. This results in 40% of all medical records containing errors, which can be dangerous… and it costs health care providers $106 billion per year. Blockchain technology will provide a standard protocol for securely sharing medical information across organizations, resulting in measurable cost-savings and better patient outcomes due to reduced redundancies and inefficiencies!
8. Blockchain Technology Will Streamline Supply Chain Management Worldwide
Shipping is the lifeblood of global commerce... but it's not without its headaches!
· More than 80% of all goods are transported by ocean, requiring impossibly-thick bundles of paperwork to track their progress across vast oceans;
· Excessive wait times for customs clearances result in $19 billion per year of unnecessary costs; and
· Counterfeit merchandise constitutes 10% of total maritime shipments. Blockchain technology will streamline shipping processes by providing an immutable record trail so importers do not have to rely on cumbersome paper records… which will reduce errors, lower costs, and improve overall efficiency! And these are just the tip of the iceberg!!
9. Blockchain Technology Will Streamline Legal Tender Worldwide
Today, more than 400 million people live in countries that do not even have a legal tender. Major corporations and governments are leveraging blockchain technology to offer their own cryptocurrencies or "stable coin" alternatives (which can be pegged to any asset) as a means to empower citizens without access to traditional banking tools! This is especially important in developing nations like:
· Venezuela (where inflation has destroyed the Venezuelan Bolivar and citizens must use cryptocurrency for daily transactions)...;
· South Sudan (which transitioned from using the U.S. dollar when it became an independent country)…; and
Botswana (where the government is considering launching its own cryptocurrency).
10. Blockchain Technology Will Disrupt Global Payments Worldwide
The payments industry is one of the most ripe for blockchain disruption!! According to CNBC, payments companies like Visa and Mastercard are currently processing 56,000 transactions per second… with an average transaction fee of $0.20! And current global payment providers spend more than $500 billion on infrastructure each year -- more than double what they make in revenue!!
Blockchain technology has the potential to reduce the friction in this inefficient system by providing secure peer-to-peer transactions that have nearly zero cost of execution… which will lead to significant savings throughout the entire payment supply chain!!
So there you have it! Some of the most notable examples of how blockchain technology will revolutionize business, finance, trade, and governance… across the entire globe! Of course, this is just some of what's to come...
And with so many billions -- possibly trillions -- of dollars at stake... you can bet that savvy corporations and governments around the world are already planning to leverage blockchain-based technological advantage!!
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