5 things you didn’t know about blockchain
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Blockchain has been the center of focus at Skcript for the past few years. We’ve been lucky enough to work with some of the largest companies in the world and implement blockchain based solutions for them.
While implementing these large-scale solutions, we realized the things that many people might now know about blockchain. Let me walk you through some of the things that you might not have known about blockchain for the enterprise.
Blockchain is set to hit $60 billion in market size in 6 years
In 2017, when blockchain was still at its infancy, the market size of the technology was just under $708 million. The growth of this market size is expected to expand all the way up to $60 billion by the year 2024. This has definitely opened up a huge market that was non-existent just a few years ago.
Over 300 million blockchain transactions happened in 2017 alone
A recent study by Gartner revealed that products based on blockchain technology made over 300 million transactions in the year 2017.
Blockchain is considered as the tool that can resurrect an industry that can now be built based on trust.
Gartner also reports that over $270 billion worth of assets is being managed by the Distributed Ledger Technology (DLT) in the world as of 2017.
Blockchain can be at the center of Internet of Things
Having a deep understanding of blockchain opens up opportunities for a lot of use-cases. The adoption of blockchain for the Internet of Things has been increasing over the past few months.
Blockchain can be used as the Central Repository of Truth, which can help stakeholders in recording important usage information about the devices.
Industries, not just companies are set to change with blockchain
Blockchain is not just about implementing a technology product or platform into a company. It is so much more than that. Blockchain is a technology that demands a different way of doing business in the industry.
When implementing a blockchain based solution, especially in industries like Supply Chain, it is not just about the company changing the way business works. The change also must propagate among all the other companies involved in the supply chain for the platform to be a success.
Patents can be protected using blockchain
Protecting patents are a pain currently. Blockchain can be used to track and verify the authenticity of a patent. This makes it easy for anyone to track patent
Blockchain is growing at a pace we’ve never seen before. The adoption is increasing in companies as we speak, and we believe that the next few years are going to be exciting for the technology on the whole.
One of the most important thing to remember is to make sure you, as a business, understanding where blockchain fits in your organization is very crucial. Running a Blockchain Business Workshop at your organization can be the best starting point for any blockchain implementation.