The blockchain market size was $2.01 billion in 2019 and is projected to reach $69.04 billion by 2027.
Needless to say, blockchain technology is real and really spreading quickly.
While blockchain is most famous for its role in facilitating the rise of digital currencies over the past several years, there are also many other non-cryptocurrency uses for this technology.
In fact, analysts believe that blockchain technology could far outpace cryptocurrencies themselves in terms of its overall impact, and that the real potential of blockchain is only just now being discovered.
Consequently, it’s likely that financial advisers and many others in the investing world will encounter blockchain technology much more in the years to come, whether it is linked with a specific cryptocurrency or if it’s being utilized in any number of other applications.
Blockchain technology has the potential to provide a much faster and cheaper alternative to traditional cross-border payments methods. While typical money remittance costs might be as high as 20% of the transfer amount, blockchain may allow for costs just a fraction of that, as well as guaranteed and real-time transaction processing speeds.
There are hurdles to be passed, including regulation of cryptocurrencies in different parts of the world and security concerns. Nonetheless, this is one of the most promising and talked about areas of blockchain technology application.
There’s also the potential applications of smart contracts, which are essentially limitless and could extend to almost any field of business in which contract law would normally apply. Many feel smart contracts remain one of the most exciting ways that blockchain technology has already extended beyond the cryptocurrency space and into the broader business world – and will continue to do so.
Want to learn more? Tonex offers Blockchain Training Bootcamp, a 3-day instructor-led course designed for program managers, project managers, engineers, programmers and developers who want to take a comprehensive deep dive in blockchain technology and smart contracts. Participants will learn about the fundamental of blockchain technology and tools to develop opportunities and applications.
Learn about Blockchain and the immutable digital ledger systems implementation in a distributed fashion without a central repository and usually without a central authority.
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