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Blockchain Solution Spending to Exceed $16 Billion by 2023

As CB Insights said, spending on blockchain solutions would surpass $16 billion by 2023. According to the data, it suggests that 58 industries have practically limitless potential. And it is no secret that blockchain technology is starting to rise and is here to stay.

During the past several years, major companies from Facebook, Amazon, Samsung, Accenture, to IBM have dipped in their toes in the industry. Now, even LG has entered the space and is currently using a Facial recognition service that merges AI and blockchain to make payments in digital currencies.

In addition to that, blockchain tech remains in its nascent stage. Its impending growth opportunity hints that it is here to stay. Some industries might experience massive changes if they adopt blockchain technology.

Digital Banking

In the last decade, banking has given much more attention to digital services and non-traditional services like PayPal and CashApp. This suggests that people have less need to associate with banks physically. Therefore, decentralized finance (DeFi) might be a catalyst for taking banking fully digital.

Enterprise hybrid blockchain Xinfin’s cofounder, Atul Khekade, stated, “The innovative intersection of finance and technology is expected to revolutionize trade financial institutions.”

Khekade also added that the FinTech industry is developing at a rate of 23% year-on-year growth. Therefore, blockchain is about to make finance more efficient.

Moreover, banks and FinTech firms could distribute assets in a wholly digital tokenized form to alternative asset investors to boost the MSME sector’s liquidity. Governments and traditional financial institutions are starting to see the benefits of blockchain.

IBIS Brokers’ founder, Jan Sammut, thinks that finance is the sector that has experienced the most blockchain adoption. He said, “Since blockchain networks combine settlement, computing, and the unit of account in a single layer, they are perfectly suited to applications like P2P lending.”

As of now, they are applying blockchain to international settlements and remittances like in the Middle East. With the ongoing COVID-19 pandemic, there are signals that there is a much greater need for digital services.

In case blockchain sees wide adoption, digital banking might become even more efficient and expand its offering for customers. This is parrticularly likely in countries like Brazil, Lebanon, and Venezuela – which have a significant population of people not associated with banks.

Banks

Cryptocurrency exchange Nominex’s CEO, Pavel Shkitin, explained, “The global banking cartel has been taking cataclysmic hit since the turn of the century with more than 500 banks going bankrupt since 2001.”

As a result, it printed trillions just to save the dying dollar during the 2008 crisis, which desolated the world and desecrated the future of the world’s children. Somewhere around that time, cryptocurrency came to the world. They designed it specifically to fix everything that banks have broken or will break.

Furthermore, the supply chain sector has become one of the biggest industries to adopt blockchain for a good reason. The technology, by its exact design, offers an unprecedented level of performance in the recording and tracking of goods. With that, giant firms such as IBM immediately noted them as useful aids for tracking goods.

 



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