One of the most exciting technology trends to look out for in 2022 is blockchain technology. Blockchain development technology, which started as the base for cryptocurrencies, is now ushering in massive transformation across enterprises. While cryptocurrency highlighted Blockchain’s prowess in the finance sector, businesses realize its power to impact many more sectors. Blockchain development is becoming more relevant as cryptocurrencies and NFTs are set to drive the virtual economy, with the rise of the metaverse. Experts opine that blockchain technology can be a powerful tool to augment security in multiple sharing data systems. A reputable blockchain development company can deploy it effectively to augment business capabilities across sectors.
A look at these statistics reveals the latent growth of blockchain development.
- Worldwide spending on blockchain solutions will reach $11.7 billion by 2022.
- The blockchain technology market is forecasted to touch $65 billion by 2027
(Research & Markets, Techinjury)
Impact of Blockchain development:
Let’s look at how Blockchain can transform these five major sectors
Blockchain technology will play a prominent role in the banking and finance sector. It will empower financial institutions to design transparent and secure business processes. Digitized and tamper-proof ledgers can enable enhanced accuracy and information sharing across the financial ecosystem. Payment transfers are a huge source of income for banks.
- B2B cross borders transactions are estimated to touch $35T in 2022.
Blockchain offers a secure and faster way of money transfer.
- Hence, it is estimated that blockchain-based B2B cross-border payments will rise to 1.8B by 2025, compared to 122M in 2020.
Now, the question has shifted from what impact blockchain development will have on the finance sector to how soon it can be incorporated.
- The global banking sector could generate almost $1 billion in revenue from blockchain-based cryptos. (Source: Techinjury/ Medium)
Blockchain industry news reports that it is rapidly integrated into the global financial sector.
- Banks in countries like Japan, the US, Switzerland, etc., have started accepting cryptocurrency transactions and it’s a trend that will quicky catch on .
- Santander and Western Union have forged partnerships with a leading blockchain development company to help improve the efficiency of cross-border payments.
- From the house of JPMorgan Chase, JP Coin is intended to facilitate real-time cross-border payments between its business clients.
- Banks like Goldman Sachs and Citigroup are also experimenting with Blockchain.
- As per BIS reports, it is estimated that the healthcare sector’s spending on integrating Blockchain could rise to $5.61 billion by 2025.
The healthcare and life sciences sector face unique challenges such as responsive supply chains for medical equipment, security of developing treatments, patient data, etc. Blockchain can address these issues and instil trust and collaboration. It will be at the forefront of new technologies adopted by the healthcare sector.
Blockchain offers enhanced privacy and interoperability of the patient’s information and helps regulatory compliance. Patients and healthcare companies can share sensitive data without compromising security. This helps improve the trust between patients and healthcare providers. Moreover, blockchain technology assists patients to get timely and cost-effective treatments. The use cases of blockchain development in healthcare extend from patient enrollment to initiating claims to clinical trials.
- United Healthcare has leveraged blockchain technology to improve the privacy, security, and interoperability of medical records.
- Hashed Health is working on a blockchain-based digital verification system for physicians.
As the use cases rise, more healthcare companies are expected to enlist the services of a good blockchain development company.
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- The retail blockchain market stood at $ 113.72 million in 2020 and is expected to grow at a CAGR of 60.4% to reach $ 1936.68 million by 2026. (Mordor)
The essential requirements that Blockchain can fulfil for the retail supply chain are fostering trust and collaboration through transparency in the retail supply chain and improved customer service. Blockchain addresses all this through proof of authenticity, delivery, and supply chain transparency. Blockchain will enhance security in cases like customers’ shopping data. In case of fraud, it will enable retailers to take prompt and proactive action to identify and eliminate counterfeits from the supply chain. Customers receive real-time delivery status updates, and supply chain transparency can check products’ shelf life and bring in greater collaboration between sellers and vendors.
- Nestle partnered with a blockchain platform to develop the distributed ledger system.
- Dixy, Russia’s food retail brand, implemented blockchain technology in its corporate finance system.
- Alibaba registered for a blockchain-based transaction system patent in 2020.
Edtech or digital technology in education will only increase over the years. Physical barriers to learning are removed through blended and hybrid learning, and as knowledge transfer happens across the globe, education is decentralized. Blockchain has the potential to combat the longstanding challenges that educational institutions face. It offers a superb framework to manage student data and keep tabs on day-to-day information and assignments. Blockchain development technology ensures that academic records remain immutable. This guarantees authenticity when students apply to universities. Similarly, institutes can monitor teacher information securely.
- Graduating IITians from IIT Kanpur received their degrees in a blockchain-based digital form in December 2021.
- Sony Global Education has an educational platform that uses Blockchain to secure and share student records.
- Hyland Credentials provides a blockchain-based system for verifying digital credentials.
Blockchain will offer innovative education and research practices and enhance peer-to-peer education models.
Blockchain technology can bring higher efficiencies to the booking processes and allow hoteliers to retain better margins. Centralized and inaccessible inventory has been a barrier to growth and innovation within the hospitality sector. Data monopolized by the global distribution systems are expensive. Blockchain technology is more accessible and low cost, allowing the customer to benefit from the savings and the operators. Blockchain development technology in the hospitality/hotel industry can reduce third-party costs by promoting direct operator to consumer interaction.
- TUI Group is global travel and tourism conglomerate and is contemplating moving contracts to its private Blockchain
- Winding Tree is a Swiss-based travel company working on a decentralized open-source platform to make travel booking cost-effective for users and profitable for operators.
- Amadeus recognizes the growing importance of Blockchain in the arena of travel.
Also Read: Education Metaverse
Explore the world of Blockchain development with EDIIIE
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