Starting from the forecasts of Gartner, a leading research and advisory company, which argues that blockchain will be able to create USD 3.1 million in value by 2030, we can predict a good future for blockchain with real applications in almost all areas. According to the firm, much of this capitalization will be the result of improvements in efficiency in operability and commercial interaction.
Gartner, indicates that the true real value of blockchain, will be reflected to the extent that this technology achieves the paradigmatic changes that societies, customers, companies and people need to interact, create and exchange values.
When blockchain manages to develop confidence in its environment, it will have the stage necessary for network users to decide to exchange values in a digital environment; denying the priority of a trusted authority.
It will also have an impact, not only on Information Technology (IT), but on everything related to data exchange; Moreover, if this information is digitally controllable. As in the supply chains and the transaction of a wide variety of products.
Europe will reach USD 4.9 billion in blockchain expenses
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 still not 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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