58 Industries, Including Banking, Subject To A Blockchain Facelift
The annual global spending on DLT solutions will surpass $16 billion/year by 2023 suggests CB Insights, which published research entitled “Banking Is Only The Beginning: 58 Big Industries Blockchain Could Transform” last month.
The accredited business intelligence firm presents fifty eight industries, including banking, that are already being facelifted by blockchain technology.
Some of them being IoT infrastructure, Automobile Leasing & Sales, and Cloud storage bare unimaginable potential use-cases a DLT architecture might offer in the forseebale future.
The list is so extensive, that in one way or another includes most, if not the entirety, of the industry’s current spectrum of operations. Anything from messaging mobile apps, to music and entertainment will be radically changed with the introduction of blockchain networks, according to CBI.
Of course, the research is not limited to 58 industry titles only, but it provides in-depth analysis of how each industry already utilizes blockchain and what are the potential growth room in each case.
One could argue this is mere speculation, but considering how fast and how widespread blockchain became among industry leaders it doesn’t sound as surprising as appears at first glimpse.
You don’t have to dig back to Bitcoin’s infant days to understand how big blockchain has grown. Simply take a look at the last couple of years:
- IBM has the most patent filings subjecting the term “blockchain” in the world
- Facebook plans on its own in-house virtual currency Libra run on blockchain
- Accenture, Microsoft, and EY among others, not only have their own blockchain solutions but they in fact praise the public Ethereum blockchain as the best enterprise DLT solution out there
- Amazon, AliBaba, among other hi-tech titans already utilie blockchain in one or more ways
- Samsung released its latest flagship smart-hand held devices with embedded crypto-wallets, while LG has a solution using AI and blockchain to verify crypto payments with facial recognition technology
- Economic superpowers such as China, Russia, S. Korea, Japan, the U.S.A, and Switzerland are involved with blockchain developments on a legal and governmental-level
Some of the most significant industry aspects subject to change and expected to be found in the list include but are not limited to: Banking, Finance, Voting, Internet ID, Education, Cloud Computing, Supply Chain Management, Government and Public Records, Human Resources, and Corporate Governance.
On the other hand, some of the most surprising industries can be found in the list include: 3D Printing and Manufacturing, Fishing, and Critical Infrastructure Security.
Being in the scene since 2017, I had experienced the early 2018 pump, and I can assure you that $16bn/year is a no-gamer for the cryptocurrency market that at some point bartered at this range on a daily basis, meaning that by 2023 the annual blockchain spending might be multiple to what CBI suggest with modesty.