How Blockchain and Bitcoin will Revolutionize the World
Blockchain technology has already started revolutionizing the world just as the internet has transformed in the last two decades. The demand for the underlying technology behind cryptocurrencies is accelerating in several industries, including the financial sector, manufacturing, data storage, gaming, and many others.
Block Chain Investments Likely to Increase at Substantial Rate
Investments in blockchain solutions are likely to increase by 75% annually through 2022, according to a research report from International Data Corporation.
Jessica Goepfert, the vice president for the International Data Corporation, is optimistic about the future of blockchain technology; saying:
“We continue to see the greatest spending and growth for blockchain around lot lineage and asset and goods management … Manufacturers want to ensure products arrive where they are supposed to arrive. Retailers and wholesalers seek assurance around the validity and quality of the products they are selling. And consumers are demanding greater transparency from providers.”
The blockchain is Revolutionizing the Financial and Manufacturing Sectors
The massive year over year growth in spending is an indication that the world has been aggressively adopting blockchain technologies. The financial sector is taking the leading role. Payment services companies and banks have officially adopted blockchain technologies for domestic and international transactions.
Ripple’s blockchain technology (Ripple Net) is gaining substantial appreciation from the financial sector; almost 100 banks all over the world have selected its x-Current product for transaction time and processing fee enhancement. Indeed, several Central Banks including Central Banks of Saudi Arabia announced collaboration with Ripple for simplifying their internal and external transactions.
Ripple Net, the blockchain technology behind the third largest cryptocurrency, is in agreement with 61 Japanese banks for the development of a payment app called ‘Money Tap.’
The manufacturing industry, on the other hand, has also been enjoying the blockchain revolution; the manufacturing companies have been using blockchain solutions for the improvement of their supply chain management.
Bitcoin Could Become the Internet Money
Although Bitcoin is in the development stage and its price is making volatile moves over the last year, analysts are optimistic that it could become the reliable medium of exchange in the long-term. In addition, regulators all around the world are working on regulating bitcoin and other cryptocurrencies to streamline their trading activities as well as reducing unfair practices. This is because a few major analysts are of the opinion that the largest coin has the potential to become ‘Internet money.’
“They use Western Union, traditional banks; It is slow, and it is expensive,” he said. “And some people can stop you from sending that money, whether that’s good or bad. With bitcoin, I can send money. It’s fast. It’s cheap. And frankly, no one can stop me,” Susquehanna International Group said in a note.
Based in Saudi Arabia, Siraj has a strong understanding of and passion for accounting and finance. He has worked for international clients for many years on several projects related to the stock market, equity research and other business, accounting and finance related projects. Siraj is a published financial analyst on the world’s leading websites including SeekingAlpha, TheStreet, MSN, and others.