The overriding question about blockchain technology is this: Does it have a future or is this a passing trend?
According to a forecast by research firm Gartner, by 2026 the business value added by blockchain will increase to over $360 billion. Then, by 2030, that will increase to more than $3.1 trillion. With current and future trends, blockchain is predicted to make a big revolution in the coming decades.
That’s not surprising considering the usefulness of blockchain technology in so many sectors. Financing is the big one, but companies such as IBM and Samsung are adopting blockchain technology to develop a distributed network of IoT devices. The concept is called ADEPT and it aims to remove the centralized location for the management of communication between devices for activities that include software upgrades, error handling, observing energy practices, etc.
Digital advertisers have also turned to blockchain for its transparency and reliability in resolving fraud and other issues in the supply chain. Experts in this area believe advertisement-related transactions can be better dealt with by employing blockchain technology.
Governments are also waking up to the possibilities of blockchain technology. For example, governments can start implementing distributed ledger technology (DLT) systems to replace traditional paper-based systems.
Analysts contend that blockchain can further help in the administration of very large quantities of data, which can be very useful for government agencies. Soon, the implementation of Blockchain will likely make for an effective data management system with the power to drive improvement in the functioning of these agencies.
Of course, all organizations are looking for better cybersecurity. An ongoing challenge for businesses today is data tampering. Thus, cybersecurity is one of the most promising areas of projected growth for blockchain. Blockchain technology can be used to prevent tampering, secure data, and allow users to verify the authenticity of files.
Want to learn more? Tonex offers a 5-day Blockchain Mini MBA program that addresses blockchain technology, business, leaderships, tools, and concepts that can help effectively manage development and provide a guidance to improve business decisions.
Tonex also offers several more Mini-MBA programs:
Cybersecurity Mini MBA Training Course
Mini-MBA in Business Management for Military and Veterans
Oil and Gas Transformation Mini MBA
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