More than just the famous technology underlying Bitcoin, Blockchain is a powerful part of the digitally-transforming world. A growing number of companies are looking for Blockchain Development Services Company to integrate this technology into their operations, which will speed up crucial digital procedures such as contact tracking and patient data exchange in a safe, decentralized manner. It's nearly impossible to find a sector that has ignored the benefits of blockchain, whether it's finance, education, healthcare, logistics, retail, manufacturing, etc. In this blog, you can take a closer look at distributed technology and its use cases. You can evaluate if adopting blockchain technology is the appropriate choice for your company based on these findings.
1. Outstanding Figures of Blockchain Development Services
Blockchain Market Size and Revenue:
- $39.7 billion is the expected size of the global blockchain market by 2025.
- $17.9 billion of global spending on blockchain solutions by 2024, with a compound annual growth rate (CAGR) of 46.4%.
- Blockchain development could boost global GDP by $1.76 trillion by 2030.
- Blockchain will grow at a rate of 85.9% from 2022 to 2030.
Global Blockchain Spending:
- In 2022, worldwide spending on blockchain solutions will reach $11.7 billion.
- No country can surpass the US in spending on blockchain solutions, which is predicted to spend $4.2 billion in 2022. The following belong to Western Europe ($2.9 billion), the People’s Republic of China ($1.4 billion), the Asia Pacific and Japan, ($0.75 billion), the Middle East and Africa ($0.5 billion), and others ($1.9 billion).
Overall Adoption of Blockchain Technology:
- 74% of executive teams believe that blockchain technology has enormous business potential.
- Blockchain has been utilized to transfer over $270 billion in assets.
- Digital currency (33%), data access and sharing (32%), and data reconciliation (31%) are the top 3 blockchain use cases for organizations worldwide. Other popular use cases include identity protection (31%), payments (30%), and tracking and tracing (27%).
- Blockchain development services can enhance 40 million jobs around the world by 2030.
2. Blockchain Development Services In Different Sectors
The finance industry is at the forefront of blockchain adoption, with cryptocurrency as the most popular Blockchain Use Case. Over 70 million registered Mobile Blockchain Wallets have been built to help with cryptocurrency transactions. Furthermore, by 2018, nearly 90% of all banks in the United States and Europe had begun blockchain-related projects. It's also a trend in accounting, as it helps with record-keeping.
According to an Accenture analysis, integrating Blockchain into FinTech solutions may save banks $12 billion, insurers $7 billion, and capital markets businesses $4 billion in costs. According to CoinJournal, blockchain technologies can save up to 30% on banking infrastructure expenditures.
b. Travel & Mobility
It can’t be denied that Travel & Mobility has undergone bad experiences in the last two years, mainly due to the pandemic and reduced-contact preferences. However, with the help of Blockchain Development, they can hit those highs again in the near future.
The blockchain has simplified the payment and verification processes for automobile leasing and ride-hailing services. Even airlines have adapted the technology: When selling tickets, S7 Airlines in Russia uses an Ethereum to power smart contracts, as a result, settlement times have been reduced from 14 days to 23 seconds. Besides, blockchain in the hotel systems also allows internal inventory tracking, powering direct marketplaces, and digital rewards programs.
According to an estimate, the global healthcare business is expected to spend $5.61 billion on Blockchain by 2025. Blockchain use cases in healthcare include enhancing medicine supply chain efficiency, data management, accuracy, finding the correct professionals faster, and assisting providers with government and compliance standards. It has the potential to save up to $150 billion in areas such as operations, IT costs, counterfeit or fraudulent product reductions, staff, and data-breach-related expenditures.
Just in 2019, the retail industry lost $62 billion to only one problem - fraud. However, everything has changed since the implementation of blockchain technology. Any information is recorded in the distributed ledger, which can be shared and accessed by all parties involved. As a result, businesses can track their orders all the way back to the factory and ensure that they are getting the genuine product every time. Additionally, this may help them cope with counterfeit merchandise in the long run.
In addition to the supply chain, blockchain's potential benefits to retail include the customer experience, payments, and contracts. In the near future, 42% of executives in the consumer product and manufacturing industries intend to invest at least $5 million in blockchain technology.
3. Final Thoughts
Watching the Blockchain Development Services facts and statistics 2022 may give you some fascinating insights into this cutting-edge technology. With the emergence of many new concepts, such as Decentralization, Web 3.0, and Metaverse, the demand for Blockchain will continue to expand.
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