Let’s examine the future of blockchain technology, by looking at some latest facts and figures!
The Future of Blockchain Technology via an Infographic- 2019
Financial Institutions Moving onto Blockchain
77% of Financial Institutions are expecting to adopt blockchain technology by 2020, according to this report by PWC. With the growing influence of FINTECH- the impact of blockchain on innovations in the Finance industry has not been disregarded. In the near future, financial institutions and services are planning to leverage this technology, either as a part of in production system or process
Blockchain Technology Market Size
A 2018 Blockchain report predicts that the global market for blockchain is set to reach US$ 60 billion by 2024. Additionally, the report also shows that the global market size of blockchain technology stands at a mere US$ 708 million in 2017. The technology that is set to disrupt not only the banking or the financial systems of the world but theoretically, it can cause a major influence in other dimensions as well. Since it has major potential in almost every industry, it is predicted that the blockchain technology is all set to experience phenomenal growth in the next 5-10 years.
The wide-reaching impact of blockchain has been acknowledged by the World Economic Forum (WEF). According to one of its reports, 10% of the World’s GDP will be stored on blockchain by 2027. Also, major governments and countries across the world believe in harnessing the power of blockchain technology. If so, there is a blockchain revolution waiting at the end of this decade!
Blockchain in Finance
In some countries like Russia, it is predicted that 99% of its financial service companies are planning to adopt blockchain technology by 2020. Analysis by PWC shows that globally, over 77% of the financial service companies are going to leverage the power of this technology in their processes.
Blockchain Technology in Cross Border Transaction
Deploying blockchain technology in cross border transaction has numerous direct as well as indirect benefits. From faster settlements across regions to reducing the transaction fees- blockchain can be a game changer.
Recognizing this, a survey conducted by Juniper Research indicates that by deploying blockchain technology, financial institutions stand to generate savings amounting to over US$27 billion on cross-border settlement transactions before the end of 2030.
Hence, conclusively the studies conducted by different research firms give the same outline to the blockchain story. Different companies, governments, and institutions are keen to unlock the power of the-still-nascent technology. Therefore, in the upcoming years, we will be looking at various interesting projects; nurturing the power of blockchain technology.