Global blockchain industry spending is expected to reach $272 million in 2022 and $2.6 billion in 2030, with a compound annual growth rate (CAGR) of 32.5%, says the IMDA's Future of Services study on Singapore.

By 2026, Gartner anticipated that the corporate value-add of blockchain would increase to slightly over US$360 billion globally and explode to more than US$3.1 trillion in 2034. At a compound annual growth rate of 59.04 percent, the worldwide blockchain industry is predicted to develop over time from US$212 million in 2016 to US$8,683 million in 2024. Since blockchain technology is expected to have a massive impact on the world economy, governments from Singapore to Hong Kong to Switzerland have pledged their support for blockchain enterprises and less for crypto assets.

For the foreseeable future, digital cash, as delivered by various enterprises, represents the most lucrative use case for blockchain technology. JP Morgan, UBS, and Facebook have all released their digital coinage, which shows this is a common trend. According to Gartner's forecast, an estimated quarter of the overall value generated by blockchain technology is attributed to this trend.

According to Gartner, companies' use of intra-company blockchains will grow in importance as time goes on, and cross-company blockchains will then be able to provide the greatest value. For enterprises, permissioned blockchains will suffice for now until public blockchains are ready to scale to their full potential.

Gartner forecasts a significant turnover in blockchain implementation, which is not surprising given the quick pace of blockchain development. In the interim, until a larger platform secures a significant portion of the market, various enterprises will develop specialty platforms. But it's unfortunate that blockchain's long-term effects will be substantial and spread across various industries. The Gartner analysis predicts that 90% of current commercial blockchain implementation platforms would need to be replaced within 18 months to remain competitive and safe and avoid obsolescence by 2021.

How Blockchain Will Revolutionize The World?

NFT's

With blockchain, you can buy everything from paintings to cars using NFTs. NFTs, or non-fungible tokens, are unique digital assets that can be transferred between users, making blockchain special. This is a much cheaper process than the current fees on a typical stock exchange. As more people join, prices will stabilize and go up.

Virtual Currency:

Most governments worldwide will create or adopt some form of virtual currency. The best-case scenario is that a "central bank digital currency" will replace cash, while the worst-case scenario is that governments will try to ban bitcoin and other crypto consultancy services.

Trade:

Soon, most of the world trade that's happening right now will be conducted based on blockchain. This will greatly reduce the time and money spent on shipping, insurance, and managing ports.

Digital Identity:

Digital identity will replace current authentication systems like passwords & security questions. Another way blockchain can help people is by replacing the infrastructure around online identity. Blockchain can provide individuals and organizations with extremely secure, self-sovereign digital identities.

Trust:

The biggest impact of blockchain is that the trust between institutions and their customers will be greatly improved. People will have more faith in the systems they use, and it'll stop companies from abusing their customer's data.

How Blockchain Will Disrupt Financial Services Industry

Twenty years ago, a visit to a bank's brick-and-mortar location required a face-to-face conversation with an employee. As a result, users may manage their accounts, transfer funds, and deposit checks from the comfort of their own homes. Due to digital technology, mobile banking and robo advisors have grown commonplace in the financial sector.

Thanks to the latest technology, blockchain, financial services may be entering a new age. According to some analysts, its global-scale, the technology-driven corporate transformation will one day impact as great as the World Wide Web or even the entire internet. The Internet of Programmable Value (or "the Internet of Money") is another name for blockchain.

Eliminate Intermediaries:

Blockchain implementation for stock trading will significantly eliminate the need for intermediaries. This technology will allow small and large investors to invest in companies without intermediaries acting as middlemen. This is especially beneficial for small investors because they can now make their own investment decisions without worrying about the fees an intermediary charges.

Smart Contracts:

Smart contracts will be widely used across the business. For example, high-frequency trading firms will use smart contracts to automate tasks like placing orders or settling trades. This will automatically add cost savings and increase efficiency in a system currently rife with inefficiencies.

Lending:

With Blockchain, there will be more improvement, and syndicated lending will be transparent as it's a ledger of all transactions shared across a computer network. This will eliminate the need for a trusted third party to manage trust between the parties involved in any transaction.

Conclusion

In conclusion, blockchain trends for the future suggest a wide range of possibilities for the technology. Increasing numbers of businesses are adopting blockchain technology as the blockchain revolution begins.

As time goes on, more companies and people will use cryptocurrencies instead of cash. Cryptocurrency is just one of the many uses for blockchain – a digital ledger system keeping track of all transactions without relying on a centralized authority.

Companies must design a scalable enterprise-grade distributed system tailored to their business model and demands to support long-term growth. Blockchain Consulting companies specializing in blockchain implementation can help you take advantage of tried-and-true design methodologies and capabilities, resulting in faster time to value for your business.

MicroAgility blockchain consultants understand that every client has different project-specific needs and works with you to identify and implement the right blockchain protocol to help your business grow and meet new heights. Blockchain technology is already opening up massive opportunities for businesses, government, and civil society to radically transform how they do business. Businesses that have adopted blockchain technology have seen huge productivity gains, operations optimization and lower costs.

Hire blockchain consultants to analyze your business infrastructure, identify challenges and future opportunities that blockchain technology can address. This will help you build a blockchain roadmap for your business and industry. Contact us now and learn more about our blockchain consulting services and how they can help your business capitalize on an ever-changing industry!