Ever since Bitcoin technology became a popular choice for global investors, awareness has been increasing around its main technology: Blockchain. It consists of a distributed ledger technology that allows various parties to transfer and store sensitive informationsecurely, anonymously and efficiently within a decentralized network. Where all network participants see the same data simultaneously, and all transactions are recorded with date and time stamps, preventing any modification.
Valued at US$4.9 billion in 2021, this Blockchain market could reach US$67.4 billion by 2026. Globant’sBlockchain report notes that the Blockchain gaming industry grew to US$3 billion by 2021 and is projected to increase US$39.7 billion by 2025, according to data from timesofindia.com.
In addition, the value of the cryptocurrency market in the world exceeded US$1.04 trillion. Since January 21st, the sector has passed US$1.0 trillion, a level not seen since November 2022, according to data from coinmarketcap.com. “Blockchain is a crucial piece of technology for the success of any organization. However, it represents a significant challenge for most companies. For this reason, at Globant we drive critical insights and solution results to offer relevant Blockchain answers; strengthening the value of the market strategically and allowing efficiency, immutability and transparency”, commented Ailin González, co-founder of Atix Labs, a division of Globant.
More and more companies are realizing the advantages and importance of applying this technology due to its transparency, security, efficiency, and improvement in the consumer experience. What causes industries to empower themselves and innovate to achieve progress by showing more and more new models of cooperation; for example, how to organize and manage communities, companies, online systems, among others.
Reinventing industries
The financial sector is the first to think of when it comes to successfully taking advantage of these advances. In fact, this sector accounted for around 30% of the value of the Blockchain market. This occurs because the applied technology increases the confidence of any actor in the system, since financial institutions can carry out conventional property transfers faster and more economically, while providing enough transparency so that clients can track each stage of the transaction.
Furthermore, with proper implementation, this technology can simplify paper-heavy, costly or logistically complicated processes such as cross-border money transfers, ID management, ownership,exchange of valuable assets, securities trading, and many more.
Another sector that is analyzed due to the great acceptance of this technology is the retail industry; since according to GlobeNewswire it affirms that the Blockchain market in manufacturing grew at a rate of 73% in 2022. Currently, this market prioritizes offering the best experience, security and privacy to end consumers, both in the online and offline physical world.
Specifically, in this industry the Blockchain helps to record relevant information to more effectively manage the supply chain, increasing traceability, reducing losses due to counterfeiting, improving compliance and the position of a company as a leader in responsible manufacturing. In fact, according to data from BIS Research, this technology in agriculture and food will reach a value of US$1.48 billion by 2026.
Health and entertainment sectors have already been influenced by Blockchain
On the other hand, the health sector has also been influenced by the Blockchain; since they uses it mainly for clinical trials, supply chain management, drug development, ID for clinical records, among others. Even from a customer experience standpoint, it allows patients to access their medical records and share them with other healthcare providers, avoiding miscommunication between doctors and preventing errors. By 2028, the projected growth for Blockchain in healthcare is US$1.2 billion.
In the world of entertainment, Blockchain technology empowers athletes, content creators, gamers, and artists to own and distribute their development, while opening the door for new player participation to democratize and decentralize these industries. Advanced technological progress in technical applications such as Virtual Reality, Esports, Gaming, each of the 5G technologies provide a valuable case study of how Blockchain integration in these disruptive sectors directly influences businesses.
It is also present in the complex education industry, showing various benefits for institutions, students and teachers. It allows you to store and collect information about training and educational achievements, create new educational pathways and reduce costs, perform faculty identity verification, and give students control of academic information.
Schools can use this technology to issue tamper-proof diplomas while streamlining the review process for educational institutions, saving approximately US$19,000 a year while saving time that is equivalent to about 36 work weeks.
The value of Blockchain is not only found in the management of crypto assets or in the new ways of interacting with money, but it is changing many aspects of daily life. “The first step to understand the Blockchain is to see it as a tool for change, applicable to multiple purposes to improve the efficiency of processes that empower people, industries and companies”, concluded Pablo Lipstein, Business Developer at GlobantBlockchain Studio.
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