Global Blockchain Market Research and Forecast 2018-2023

Have you ever thought how much money goes in vain while paying to the broker just for acting as a bridge between the tenant and the owner? On top of that, the principal rent, advances, maintenance and other fee is mandatory to pay! Now imagine, what if you are able to cut the brokerage fee? That might not be possible in the real world but at least Blockchain gives you the facility to cut the mediator cost. Before answering how, it is needed to have a short introduction of what blockchain is? Blockchain technology can be defined as a distributed and digital ledger that is absolutely open to anyone. It records the data or the information that has prime relevance to the transaction with the help of cryptographic hash and likewise the cryptographic hash of previous block. Data that is stored inside the block depends on the type of blockchain; for instance, if there is a basic transaction- it will record the two parties’ information and the amount involved. The hash can be compared to a fingerprint in layman’s term that has its own and sole identity. Since everyone who is connected over the network is aware of the transfer, (as it gets recorded publicly) its validity or legitimacy cannot be questioned. The best part about the blockchain is the decentralization of the data which means rather than stored in one central point or an authority, it is recorded across a network of nodes. So any fraudulent activity done to the transaction can be easily traced. Coming back to the previous question of how blockchain facilitates the mediator cost; the answer is the lack of reliance on a central authority. This implies the fact that blockchain technology is way cheaper than the traditional methods of transaction.

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Blockchain: why the most sought-after technology

Digitization has eased the pressure of mandatory physical presence while the transactions take place. Thus a significant rise in the digital transaction is recorded from past few years. These transactions need to be secured and free from swindling or unlawful treatment. In fact, several cases of financial frauds and data mishandling in banking, financial services and insurance (BFSI) sectors are recorded daily. This security need has made blockchain technology as the most demanded one. Another propelling factor for global blockchain market is the rise in the demand of decentralization of data. Nobody can deny the increasing crypto craze and the corresponding influence of decentralized data. Digitization has also increased the cross-border transactions which again need a more secured network and uniformity. Blockchain technology will not only curb the cost, but can also help in bringing more transparency with an added benefit of traceability. Coming years will be swayed by these ideas, which is a major calling for global blockchain market. So basically, be it a country, an organization or even an individual; the need of secured and fast transactions are the factors that propel Blockchain Market.

Blockchain can turn the picture upside down

With countless opportunities in the near future, blockchain technology can have its own influence in the copyright protection. Though the data can be accessed from anywhere, copying of the same is not possible on block chain. So those complaining about piracy or struggling for royalty protection, a more secured network is on their way. The smart contracts can help in ensuring if the protocols are being complied in an organization that can be easily be linked to any mandatory code of conduct. Supply chain management can benefit the most out of blockchain development as the businesses can locate the items in real time. It can also facilitate monitoring of the product performance and the much needed quality control. From the consumers’ perspective, they can also keep a neat record of the location of the items. Probably, digital voting will prove to be the best invention of blockchain development as it will bring clearer picture of fair votes. Thus, even an Iota of difference or any fraud can be finely caught by blockchain technology. With that ultra-fine mechanism, it also takes care of the anonymity of the users- only if they wish to disclose, their identity is visible as a person; or else it gives a view of mere blockchain addresses.

IoT & AI: the next focus of blockchain

Now that blockchain is all geared up to set new trends in every sector, its next focus is to merge with Internet of Things (IoT) and Artificial Intelligence (AI). It would be a spellbinding experience to see the convergence of all the three technologies! Blockchain has redefined the paradigm of financial transactions to such an extent that even financial institutes and banks are compelled to warm up to this technology. This is just the first move which has already influenced the finance sector. Now what generates curiosity is how the amalgamation of blockchain with IoT and AI will keep the world on the edge of the seat.