According to PwC’s 2018 Global Blockchain Survey, about 84% of companies are ‘actively involved’ in the development of blockchain systems. Netscribes made extra study and predicted an annual growth of 42.8% and by 2022 an annual revenue of $13.96 billion. PwC said,
“Everyone is talking about blockchain, and no one wants to be left behind”.
One of the breakout techs in this modern system is addition of blockchain tech with AI and mass acceptance of this combination is now being seen. Previously the affluence of blockchain were intertwined with cryptocurrencies, but at present the two are separating and one with a lasting influence than another token.
Benefits of Blockchain
This system has a series of advantages such as increased security, speed, automation through smart contracts and the tamper-proof nature of the distributed ledger meaning that gives a great deal benefits compared to other systems. This has engrossed the financial, healthcare, legal, automotive, energy, and media, retail and supply chain management industries.
The potentiality of blockchain is being awaken to some few sectors around its marketability potential is very enormous. At the very end, the combination of the two [blockchain and Artificial Intelligence] will alter the world system and can offer everything from the framework for self-driving cars in New York to basic banking services in sub-Saharan Africa.
Just as with all new techs, there’s a long way to go between developing the systems and actually putting them into action. PwC enlightens the belief problem that goes along with such a major promise as one of the major obstructions facing the blockchain.
“In reality, companies confront trust issues at nearly every turn,…As with any emerging technology, challenges and doubts exist around blockchain’s reliability, speed, security and scalability.”
The tech itself should put those doubts in the bin at the end. The blockchain system is clean, simple and transparent. That’s the point of a distributed ledger. Therefore, these persistent trust issues won’t grip the back blockchain.
Nations Moving to the Blockchain
Some nations such as Estonia, Dubai and Australia have picked up this initiative and are full of activity moving government records and bill payment systems to the blockchain. Dubai is eager to have the land registry on blockchain, while Estonians can already vote on their smartphones.
The momentum is building but the large business has been slow to catch on. Facebook in recent times publicized it was working on blockchain systems and might disclose its own cryptocurrency before long, regardless of its current denial that it was working with Stellar Lumen on its own token.
PwC and Netscribes’ passion for the blockchain is not shared by everyone. Cowen made another study and recommended that these figures are expectant and that it will take close to 5.9 years to accomplish mass adoption of the blockchain.
Bearing in mind the analysis, the interest and the changing attitudes to the blockchain technology, the optimistic projections look more convincing.
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