Bringing a Radical Transformation in Computing and Business Paradigms With Blockchain
The very concept of blockchain brings with it a wave of value addition, asset addition and trust mechanism. When these concepts work in close coordination with each other, they lay the foundation stone for a new wave of transformational shifts in the operational model of major economic and business establishments.
Although blockchain is explicitly promising, the actual mega adoption of the same technology will take some time but we would be able to witness the smaller adoptions at a greater frequency in the coming years. The full adoption of blockchain involves certain risks and critical areas which need to be taken care of especially from the domain of operations. Once, these critical areas are taken care of; the blockchain implementation would add significant value to the business process. In the next decade, Blockchain revolution is expected to have a greater acceptability and steepest rise is expected post 2021. The early signs of the craze around blockchain were already visible from the year 2017. In 2017, blockchain was the most searched topic on the Gartner research platform. The same portal has made staggering predictions about the future of blockchain with $360 billion business value in 2026 and reaching $3.1 trillion by 2030. Between 2027 and 2028, the figures are expected to reach 750 billion and 1.3 trillion respectively.
The growth in terms of Dollars of the Blockchain Industry from 2018 projected till 2030
Additional Information on The Implementation of Blockchain Technology
With its unique model at its core and unique trust management platform especially in areas involving consumers, enterprises, products and governments; blockchain is expected to have a much matured acceptance in the markets. Blockchain is also expected to have a more matured and hardened approach when it is amalgamating with the industry requirements to give more meaningful end user level fulfillment.
Some practical transformations which would be brought over by the blockchain technology:
Blockchain will reshape industries: The integration of blockchain with the standard business processes of different industries will reshape the front end as well as the back end of industries. Although, we are just in the initial stages of a massive blockchain transformation which is going to happen systematically over the next few years; we would see greater transformation in the upcoming years.
Blockchain deployment, acceptance and adoption will be over hyped: During its initial phases, the concept of blockchain is overhyped but it is thinking industry leaders to think otherwise. It is a platform which is intriguing the stalwarts of the industry, government and commerce. With a deep commitment towards security and efficiency, blockchains are expected to face greater acceptance at different levels of the society.
Supply chains are becoming more inclined towards blockchain: The supply chains are slowly moving towards the concept of blockchain or rather are weighing it as a much secured decentralized platform. The promissory aspect of supply chains. Since, 2014 many leading online retail companies have started accommodating bitcoin payments.
Governments are showing more interest towards blockchain: Surprising but true! Governments are showing a lot of inclination towards blockchain especially when it comes to handling aspects like artificial intelligence, security, administration and finance. Blockchain can play a major role in bringing about a major transformation to the complexion of these domains.
Retail chain CEOs are showing active interest towards blockchain: Just like the online retail chains, the offline retail CEOs are also giving a serious thought to blockchain.
Blockchain will revolutionize healthcare: The healthcare industry has the potential to face maximum disruption from blockchains.
Some of the areas where blockchain has massive potential are
a. Patient Health Information
b. Electronic Health Records
c. Data taken from IoT devices and patient monitoring systems
d. Medical claims against insurance
Blockchain will keep accurate patient records and electronic health data to prevent them from getting compromised over the network. With blockchain, data is more secured with decentralized and distributed ledgers which are immutable. Since they carry a timestamp and the hash of the previous transaction, they can never be edited or modified by network hackers. Blockchain is also getting integrated with the IoT framework and promises exemplary benefits for the users. Last but not the least; the medical insurance industry can safeguard itself from dangerous healthcare scams which have resulted in the loss of millions of dollars worth revenue.