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Blockchain Industry’s Potential to Change the World

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Blockchain, as a disruptive technology, has transformed the world of digital transactions significantly in the recent past, and, it is now revolutionizing other industries too. Industries that have been affected lately, by the introduction of blockchain technology comprise music, travel, real estate, insurance, health care, energy management, government & public records, among many others.

Blockchain tech. global market size (2018-2025)

Blockchain tech. global market size (2018-2025)

Source: Statista

The market size of the technology, worldwide, has grown manifolds in the last five years, and the forecasts say that it will rise further in the near future. As per Statista, the renowned German market-research firm, by 2025, the global market for blockchain technology will surge to a whopping $39 billion. The financial sector had been the biggest beneficiary of blockchain to date and had been the biggest investor in the said technology, over the years. Approximately 60% of all blockchain investment comes from the finance industry.

The expanse of Blockchain Across Industries Will Lead to Employment Generation

The future seems intensively bright for blockchain career aspirants. There will emerge millions of new employment opportunities in the said field. But, you must possess the extensive skillset that would be required in the blockchain job roles. It would be advisable to enrol into blockchain professional certification programs, available online that offer great value. Blockchain certifications are known to instill industry-relevant skills into the aspirants in a quick time. And that, significantly improves their job-readiness.

Read This Also: HOW BLOCKCHAIN WILL REVOLUTIONIZE HEALTHCARE

Expected Global Spending on Blockchain Solutions

Statista says, in 2020, the worldwide spending on blockchain-based business solutions will soar to $4.3 billion. However, the growth in spending on blockchain solutions will get hampered a little because of the COVID, but will still be considerably high. The forecasted spending has been found to be 60% more than what it was, the last year.

Blockchain Holds the Capability to Revolutionize the World Economy

We will discuss here, how is the said technology going to change the way, the business works across the globe. Blockchain, in the near future, will successfully facilitate tracking and collaboration of all sorts of transactions. It will provide for tamper-proof privacy protection and will act as a unique platform that could be trusted, and that only entails the truth.

Blockchain Will Take Away the Ownership of World’s Digital Data from Tech Giants

Blockchain industry holds the potential to challenge the ownership of personal digital data that a few companies enjoy at present, like Google, Amazon, and Facebook. All these tech giants monetize our personal data and sell it to a variety of other companies to generate profits from themselves.

Data privacy gets badly hurt in the process, and that had been a pain point for the entire world, and its citizens, for long. Blockchain has, what it takes, to fight against our digital privacy rights. Breaching on our privacy rights, is not just the big tech firms, but the governments too, that spy on us, leveraging our personal digital data.

Blockchain Can Help Give Birth to the Second Generation of Web

What if there gets originated the second generation of web, where there exists no Facebook, Google, Amazon, or any other data-hungry digital site, or social platform? Blockchain can help build a completely new version of the web, free of data-stealing sites. The unparalleled privacy protection offered by blockchain would follow a peer-to-peer model of data exchange, whether it’s a monetary transaction or media-sharing among individuals.

In that case, if you send money to your friend digitally, you will not need an intermediary body (a bank, or a financial service firm) to regulate that transaction, neither a governmental entity to check on your identity. Everything will work on a trust protocol in a system like this, with no third-party interfering, or taking their commission, while we perform a trade, or exchange money. To say the least, it would be revolutionary!

Parting Words

How about a world, wherein each one us has our identity stored in a black box powered by the blockchain? Whenever we perform a transaction, it will provide us with the limited information necessary to execute that specific exchange, and will collect and store the related data securely on it. You will have the right to keep your data private or to monetize it, as and when you wish. It would be a whole new world of hope and prosperity.

ariaa reeds
written by: ariaa reeds
Ariaa Reeds is a professional writer who curates articles for a variety of online publications. She has extensive experience writing on a diverse range of topics including business, education, finance, travel, health and technology.
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