Banking Is Only The Beginning: 58 Big Industries Blockchain Could Transform

The future of blockchain is near and banking isn’t the only industry affected. See how law enforcement, ride-hailing, and others could also be impacted.

 
What began as the basis of cryptocurrencies such as Bitcoin, blockchain technology — essentially a virtual ledger capable of recording and verifying a high volume of digital transactions — is now spreading across a wave of industries.

Blockchain has gone far beyond its beginnings in banking and cryptocurrency: Annual funding to blockchain companies, despite falling from 2018’s record high, more than doubled in 2020 compared to 2017. Annual spending on blockchain solutions will reach nearly $16B by 2023, according to CB Insights’ Market Sizing Tool. Industries from insurance to gaming to cannabis are seeing blockchain applications.

Bitcoin’s popularity helped demonstrate blockchain’s application in finance, but entrepreneurs have come to believe the tech could transform many more industries. Ultimately, the use cases for a transparent, verifiable register of transaction data are practically endless — especially since blockchains operate through a decentralized platform requiring no central supervision, making them resistant to fraud.

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Πηγή: cbinsights.com