Blockchain technology across the world is witnessing an enterprise revolution quite like never before. Think of it as blockchain 3.0. Private blockchain instances are being heavily invested on by companies who are hailing it as the next big phase in their digital transformation initiatives. This has not only led to increased adoption in certain industries, but has turned into an unfair competitive advantage for companies seeking to leverage the benefits of a single, unified, and distributed ledger for recording their transactions. According to the latest research released by the Central Blockchain Council of America (CBCA), chief technology officers across the world are looking at deriving more value out of their blockchain initiatives.
So what’s holding them back? Well, regulatory issues and user privacy concerns are the single biggest factors, with most considering implementing blockchain technologies but being at the research and development stage. Banking and supply chain management, coupled with international payment systems are the three most potent implementations that industry experts view as the candidates for complete transformation through the implementation of blockchain technologies. Next in line are programmable, self-executing smart contracts which are shared with external stakeholders for managing escrows and other similar conditional transactions.
In fact, the ubiquitous nature of blockchain technology is set to position it as a $3 trillion industry worldwide by 2030. 10% of companies surveyed by the CBCA place blockchain technology implementations at their pilot phase, set to be rolled out in actual business transactions this year itself. Find out more insights about the global impact of blockchain technologies by enterprises worldwide and the rise of blockchain jobs in the years to come by checking out the latest CBCA insights infographic on the extent of blockchain technology adoption here!