One of the most excited and talked about technology in the business world RIGHT NOW is Blockchain technology.
Every significant industry segment is observing considerable investments in the development of blockchain applications be it for any platform. Right from Web to Mobile, Cloud to IoT, the distributed and decentralised ledged called blockchain has emerged out to become a significant game-changer for global industries.
More than 25 Industry segments have realised the real potential of this technology and eagerly look forward to associating with the right technology partner. A technology partner that can help them bring their blockchain based idea to real-life business application.
Because of this, many software development services provider companies are stepping their foot into – business software application development based upon blockchain technology. Due to this, there has also been an upsurge in the future career options for blockchain application developers.
Implementations Of Blockchain Technology?
Upcoming and budding entrepreneurs have realised the real potential of the blockchain. They are getting more technology driven and striving forward to build distinct blockchain applications. It’s six fundamental driving principles –
- Distributed nature
- Peer to peer networking
- Irreversibility of records,
This makes blockchain the shining star among present-day entrepreneurs.
Now let’s come to the practical uses of this technology.
There are primarily 5 Key blockchain use cases. Terming them as –
- Smart Contracts
- Networking and IOT
- Supply Chain Management
- Cloud storage/cloud-based app development.
The above forms of blockchain implementation have made it immensely easy for businesses to come up with unconventional business ideas powered by blockchain.
This technology started gaining momentum in the year 2016 and ever since it has seen a massive amount of investments globally in various domains.
Have A Look At Statistics
Let’s have a look at what IDC has to say about the global statistics on investments made in the blockchain.
IDC, also known as International Data Corporation (IDC), has a lot to tell about blockchain, which is one of the hottest emerging technology. It is the premier global provider of aspects like market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets.
Its consolidated data is from 2016 to 2021.
As per IDC, many top industry segment has and will witness billions of dollars of investment. Have a look at the Blockchain spending in billions (USD) for top Regions Globally from 2016 to 2021.
IDC claims and has forecasted that the expected blockchain spending will grow at a robust pace during the five years over 2016-2021.
While on the other hand, the estimated five-year compound annual growth rate (CAGR) is expected to stay around 81.2%.
As per IDC,
The global blockchain spending is slated to reach $9.7 billion in 2021 that started in 2017 at just $945 million.
Also, the Global investment in the blockchain startups segment rose to $1.032 Billion from $550 million within a year (2016 to 2017)
When investments in blockchain started in 2017, it was considered as the year of experimentation. This was primarily because enterprises and other businesses realized the benefits as well as the challenges of the blockchain, both.
But 2018 was a crucial stage where –
We saw these entities making a huge leap from just demo and POC (proof-of-concept) projects to full time and full-fledged blockchain deployments.
In 2018, the below top industry segments saw huge investments in blockchain based application deployments –
- $754 million were invested in the Financial and banking sector
- Retail and professional services industries spent $510 million in the distribution and services sector.
- Discrete and process manufacturing industries invested $448 million in the manufacturing and resources sector.
The financial and banking sector led most of the market spending in blockchain at around $754 million
Blockchain technology-based –
- Cross-border payments & settlements witnessed an expenditure of $242 million.
- IOT use cases saw $202 million spending.
- Trade finance & post-trade/transaction settlements accounted for a spending of $199 million
In addition to all these statistics, one more is quite interesting which states that –
During 2016 to 2021, IT and business services will account for 75% of all blockchain spending.
So you can estimate for yourself the significance of this particular talked about technology in the years to come.
From blockchain startups to blockchain enterprises, businesses are going to boom at a rapid rate. This is also going to increase future career options for many in the years to come.
It’s time to get ready for the blockchain revolution!