In this modern day and times, you have to cope up with innovation to sustain businesses. Gone were the days where systems are independent from one another. It's a connected world now!
Global business is being changed by the rapid advance of frontier technology. These technologies such as Blockchain have allowed consortiums, Fortune 500 companies and global enterprises to rethink and reimagine how transactions are done. In fact, according to the executives in the recent Deloitte’s Global Blockchain Survey of 86% have set Blockchain as a priority of their business strategy and transformation in the 2020s decade, while according to Forbes Business Insights, the current rate of global Blockchain adoption projects that the Compound Annual Growth Rate (CAGR) of Blockchain enabled markets will be at staggering 56.1% in which the global Blockchain market will be worth $69 Billion by 2027 from $2.1 Billion in 2019.
Blockchain is leading the frontier technology in the business
transformation department as the platform is being primed as the essential
backbone of business and enterprise information. To date, Blockchain is already
making transformative benefits into the world
of banking and finance as global banks are in a position to save between $8
to $25 billion annually from infrastructure operating costs. Further, Gartner
estimates that the annual business value derived from Blockchain will be worth
at an estimate of $3 trillion by 2030 and by the same year, Gartner projects
that 10% to 20% of the global economy will be running on Blockchain-based
systems.
In a closer look at the impact of the
technology in the day to day micro processes; Blockchain allows businesses to
verify and process information seamlessly while significantly cutting down on
costs from delays resulting from transactional data needed to be verified by
back office work. As such, the transformative effect follows a broad
but extensive market where portability and interoperability are dictating
markets and their convergence. It leaves no room for silo and niche as the
technology of today is easily ported or retrofitted to fit diverse industries,
aligned markets and used as turnkey factors against even the most unique cases
of business needs.
Blockchain Transformation
In just a few years, Blockchain has
progressed from a buzzword, to a nascent technology and to the most sought after
technology in business transformation. The early adopters were the consortia
consisting of the world’s biggest banks, the world’s tech titans and the global
leaders in trade and shipping. The promising results of their respective use
cases demonstrated new levels of efficiency being reached alongside an optimise
process with very little friction as much as possible. It wasn’t long until
enterprises began forming strategic partnerships to explore the Blockchain
space and how the technology can reinvent their business as well as reach new
levels of competitiveness. PricewaterhouseCoopers (PWC) published a report
named Global Blockchain Survey. The report states:
Financial services industry accounts
for 46% of the advancement in developing Blockchain, while industrial
manufacturing (12%), energy & utility (12%) and healthcare (11%) are
trailing.
84% of leaders responded that their
companies have some involvement in Blockchain
30% of the survey respondents believe
that China will be the leader in global Blockchain infrastructure by 2023 and
18% believe that the United States will still be the leaders of Blockchain, as
29% of the same respondents stated that from 2018-2021, the United States are
the current global leaders.
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