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Growing Industrial Adoption of Blockchain & Cryptocurrencies 10 February, 2020   

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.

Transforming global markets

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:

  • It reveals continuous powerful investments, with some willing to invest US$ 5 million in blockchain and allied technologies.
  • With a 10-point rise from the previous year, 53% of respondents believe that blockchain has become a critical priority for their businesses.

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.

Industrial adoption

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:

  • Banking Sector: Cryptocurrencies have moved beyond the ‘hype.’ and have proven their strength repeatedly. They are driving an economic revolution that is hard to ignore and avoid, and the banking sector realizes this. During a conference, Sibos 2019 in London, Deutsche Bank’s CEO, Christian Sewing emphasized the growing challenges across economies globally and the rising pressure to adapt to the rapidly changing environment. With one of its most stubborn critics China set to launch its digital currency with the help of People’s Bank of China, blockchain, and cryptocurrency are paving the way for decentralized, free-market economies around the world.
  • Cryptocurrency ATM’s: With six new crypto ATMs being launched every day, Crypto-ATM is becoming one of the fastest-growing industries around the world. This sudden rise is attributed to the growing adoption of blockchain-based currencies around the world. Bitcoin-Depot, one of the largest crypto-ATM network in the US, has installed over 250 such machines across the US.
  • Non-Profit Organizations: Today, there are several, world-renowned non-profit organizations that accept crypto to varying degrees. For example,
    • Red Cross: One of the largest and most potent non-profit organizations, the Red Cross accepts cryptocurrency donations. While it is not published on their website but a simple Google search leads you to their BitPay page that lets you make donations using Bitcoin.
    • United Way: One of the largest non-profits in America and one of the earliest adopters of Bitcoin donations (in 2014), United Way, has set an example. They, too, like Red Cross, do not publish accepting crypto as the mode of donation. A simple Google query will lead you to their Bitcoin donation page.

The year witnessed a steep rise in crypto-donations, with donors contributing cryptocurrencies worth $70 million approximately to their favorite charity.

  • Entertainment/Gaming Industry: Gaming and entertainment industries are considered one of the most tech-friendly and profitable industries across the world. With a high percentage of millennials as their target market, this industry needs to stay ahead in the crypto-world.

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.

  • Retail sector: Crypto’s chances in the retail sector grew multifold when US retail giant Walmart explored blockchain technology to track food in a one of its kind initiative that ensures safe products directly from farms-to-plates. In another project launched by Walmart, it aims at using cryptocurrencies as payment for utility bills. They believe this move will lead to lower energy costs.
  • Energy and Power Sector: As one of the largest industry and a leader in adopting the latest technology, the oil and gas industry did not lag behind in adopting blockchain. 

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.

  • Beverage Industry: With beverage industry facing challenges like ‘Counterfeit Whiskey,’ blockchain has become a savior to an otherwise fatal problem for the industry. Blockchain helps keep track of every whiskey bottle right from the distillery to the supplier network and the customer, ensuring authenticity and quality. Ardnamurchan in Scotland became the first distillery to use blockchain technology to trace bottles, inventing a new era of product authentication. This project was a huge success and soon witnessed some key investments in this regard.

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.

Blockchain Industrial Adoption Cryptocurrencies Future of Industries

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