The blockchain market worldwide will ascend to 163.83 billion by 2029. (Globe News Wire)
The market growth of blockchain indicates that industries are adopting blockchain technologies at a rapid pace. Consequently, the popularity of blockchain development companies is also an uprising.
For years, blockchain has been the core component of Bitcoin. However, soon the world of businesses discovers that blockchain benefits can serve the bigger picture.
From banking to video games, industries are now falling their heads over the heels for blockchain one after another.
In 2021, blockchain startups already reached $25.2 billion. (CB Insights)
Blockchain applications are virtual ledgers capable of recording and scrutinizing a high volume of digital transactions.
The advantages of obtaining blockchain applications are now spreading like fire across industries. Moreover, with the arrival of metaverse technology, the decentralized blockchain platform is in high demand.
While cryptocurrencies like Bitcoin and Non-Fungible Tokens will push sales to the next level, blockchain-enabled applications ensure the safety and security of transactions.
Banking was only the beginning. A significant number of industries are stepping their feet into the blockchain realm.
So, readers, fasten your seatbelt as we will take rounds around the industries embracing blockchain with all its potential.
Industries That Blockchain Applications Are Transforming
Banking Sector
Blockchain for the banking market will stroke $22.5 billion by 2026. (Statista)
- When it comes to talking about the industries that are hovering over the blockchain, the banking sector comes first.
- What blockchain has done to the banking sector is comparable to what the internet did to entertainment and media.
- If people evaluate from a macro perspective, it seems that banks are the critical store and transfer hubs of value.
- Being digitized, secure, and tamper-proof ledgers, blockchain applications can fulfill the same purpose, imposing accuracy on it.
- Moreover, blockchain enables effortless and secure information sharing across the financial services ecosystem.
- Many banks like Barclays are also working on adopting blockchain technology to make their business operations faster, more efficient, and secure.
Publishing
How can blockchain transform the publishing industry?
Is it possible?
Well, for years, publishing houses have been deciding the fate of authors.
For ages, authors have been changing their writing styles and tones, making countless edits only to please the publishing firms.
But not anymore.
Blockchain and decentralized publishing are now allowing authors to publish their pieces of writing on their own.
In this case, a reputed NFT development company show authors how to leverage blockchain applications and decentralized markets to reach their targeted audience. And all of these can happen without altering the creativity and interference of publishing agents.
Music And Art Industry
- Similar to the publishing industry, blockchain applications can potentially transform the music and art industry in a good way.
- For years the top and high-tech brands have been navigating the art and music space. Many talented artists and musicians fail to get the chance to show their creativity to the world.
- The leading producers and artists do not always let the newbies become the sensations just because they don't want the extra competition.
- Blockchain technology allows artists not to settle for a limited amount of royalty.
- Artists and musicians do not even change the lyrics or style of their art to please the producers.
- Like the writers, artists and musicians can reach out to their targeted audience directly on the decentralized platform. And people can purchase from artists securely because of blockchain.
Healthcare
Blockchain in the healthcare market globally will reach $829.0 million by 2023. (Markets and Markets)
- Like banking, blockchain applications hold myriad benefits for the healthcare industry.
- To begin with, suppose a patient pays visits to more than one doctor.
- These physicians can share the patient's medical records in a fast and secure way.
- Blockchain-enabled data transfer is far more efficient and faster than conventional paper record transfer.
- It does not matter what the present location of the patient is; medical practitioners can share the patient data without any hazard.
- Blockchain applications also help healthcare organizations safely store patients' transactional records from hackers.
- Hence, blockchain technology also restrains fraudulent activities across healthcare organizations.
Marketing And Advertising Industry
Digital transformation is revolutionizing the marketing and advertising industry at a global level.
- When everyone owns a smartphone and leaves the mobile data on for 24 hours, making a connection to the world has become like the snap of fingers.
- Marketers and advertising professionals have adopted digital marketing and advertising strategies alongside the traditional methods.
- Consequently, the new way of approaching people has opened up myriad possibilities for marketers to hit the right chord of their targeted audience.
- However, the data marketers collect across the web can be:
- Hacked
- Misled
- Altered
- Blockchain is the savior whenever there comes a possibility of data being hacked or mishandled.
- With blockchain applications, marketers and advertising professionals can securely store and analyze customer data and market research.
Final Words
To conclude, blockchain has revolutionized cross-border payment processes and secured data storage.
Businesses have already jumped on the wagon of blockchain applications to experience the benefits of this decentralized technology.
The benefits will continue to grow as blockchain is also evolving.
The best way is to partner with a reputable blockchain development company to unleash the power of blockchain technology on your business
