In recent years, cryptocurrencies have emerged as
a futuristic market and attracted researchers and investors to drive its
development. Despite volatility and huge disappointments, the total market
value has increased. Cryptocurrencies are gaining momentum and improvising
themselves in terms of security and transparency. In the year 2017, the global
cryptocurrency market was valued at US$ 574.3 million, and it is expected to expand
further due to its growing popularity. The global crypto market is projected to
grow at a spectacular CAGR of 31.3 during the period 2017 to 2025. By the end
of the year 2025, the cryptocurrency market worldwide is estimated to be worth
US$ 6702.1 million.
Ever since their inception, markets have been subjected to change and evolve for changing supply and demand, trends, innovation, etc. Technology has played a significant role in not only shaping the markets structurally but also organizing sentiments. Today, economies are digitizing, and globalization is at its peak. With the introduction of digital transactions and cryptocurrencies, free-market economies seem more practical. Revolutionary concepts like Virie The market is completely changing the outlook of businesses and markets around the world. These markets not only provide a truly decentralized platform to exchange goods and services but also address security and privacy issues. With easy access to information, consumers have become smarter and exploit their rights, forcing the markets to adjust and adapt accordingly. Technology also paved the way for better mechanisms, giving consumers the maximum benefits and profits on their investments.
With growing popularity, blockchain technology has attracted some strong investments and enterprises are exploring their options to use this remarkable technology. Delloite Insights in its ‘2019-Global Blockchain Survey’, published that 86% of participants approve that blockchain technology is extendable and will finally lead to standard adoption. The survey highlights some key features on the rise of blockchain:
According to another survey by a leading tech giant, 92% of business leaders consider blockchain as a business opportunity.
Once considered a bubble, cryptocurrencies have definitely garnered some affection from its supporters and overperformed the stock markets across the globe in the year 2017. According to this comprehensive report Bitcoin alone had a market capitalization of approximately $248.3 billion, whereas Ripple, became the second-seeded coin surpassing Ethereum by rising 31,637% from 2016. Even the strongest stock performing markets could not compare with the astronomical rise in the cryptocurrency market.
This gave blockchain and cryptocurrencies a boost, and businesses and industry giants started researching and venturing into this volatile but revolutionary market. The popularity of this considerably new technology is evident from the fact that the World Economic Forum released a toolkit for business leaders to understand the perspective of blockchain as a technology and how it is helpful for their respective businesses. These are just a few indicators of how this technology is changing the dimensions beyond the hype.
Apart from changing the dimensions of monetary transactions, several other industries are realizing blockchain’s potential and are exploring their chances to enhance business capabilities and sustainability in the future.
Some major industries to adopt blockchain technology are:
The year witnessed a steep rise in crypto-donations, with donors contributing cryptocurrencies worth $70 million approximately to their favorite charity.
Lionsgate, production and distribution studio of Hunger Games and Twilight series, realized this back in 2015 and integrated crypto in their online payment system.
Another company leveraging blockchain is Major Cineplex Group – Thailand’s major cinema chain. They offer the option of paying for cinema tickets through crypto facilitated by Thailand government’s online payment system Rapidz Pay that uses blockchain technology and accepts payments in cryptocurrencies.
BP, Shell, and Statoil, in a first of its kind collaboration, are set to launch a blockchain-based trading platform. It resulted from a series of trials where blockchain tracked energy trading and proved to be an efficient and reliable trading process that helped reduce administrative risks and costs. It would be interesting to see how one of the most powerful sectors adopts and remodels itself with the help of blockchain technology.
In another example of using Bitcoin as payment for all drinks, Brewdog became the first cashless bar to accept cryptocurrencies, embracing the revolution at a fast pace.
While these are some leading examples of how crypto and blockchain are
changing the dimensions of industries across the world, the revolution has just
begun. There is more to this game-changing technology than meets the eye. With
blockchain technology teaming up with the hottest technologies like AI and Big
Data, the future is yet to unveil.