Blockchain Technology: World Market Growth Tendency

[vc_row][vc_column][vc_paragraph text=”The revolutionary Blockchain technology continues to demonstrate the impressive growth tendency on the world market.“][/vc_column][/vc_row][vc_row][vc_column][vc_heading title=”Blockchain – the technological future of the planet” size=”medium”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”One of the reasons of such tendency is that the wide range of blockchain initiatives are applied in many fields, and this helps to foster further development of the technology.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”But what is blockchain, and how is its market developing nowadays? “][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”Bitcoin, created solely as a peer-to-peer method of digital payments with cryptographic elements, has attracted the world market’s attention from both idealistic and practical points, and now the technology is gradually replacing the traditional models in many cases.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”Such concepts as transparency, credibility and security define the innovative distributed ledger. It uses the trust model based on mathematic algorithms for data storage. These algorithms may act as a transitional validator to process and record the transactions.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”In practice, one may use all the unprecedented benefits of the distributed and algorithmic system choosing the blockchain solutions. They are more secure in comparison to systems that rely on human element since it may lead to data manipulation or damage. “][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”That is why blockchain let us switch from the centralized network to a decentralized one which prevents consolidating the management of all data by one man. “][/vc_column][/vc_row][vc_row][vc_column][vc_heading title=”Blockchain applications and their acceptance in different fields” size=”medium”][/vc_column][/vc_row][vc_row][vc_column][vc_single_image image=”717″ img_size=”full”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”Many applications based on blockchain have been developed to adapt to different needs while trying to stay true to main principle.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”That is why the innovation has been adopted for cross-border payments. This implies smart contracts for trading and certification of securities.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”Active using of blockchain may be noticed in voting (both corporative management and public administration) and in industrial sector as well (tracing the supply chains).”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”The technology also has a potential for eliminating intermediaries. With blockchain, it has become possible to exclude the third-party checks made by traditional intermediaries such as brokers, financial institutions and notaries.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”Thus, it’s obvious that the growing number of applications based on blockchain has made it possible to broaden the markets’ sections. “][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”In addition to the financial sector, blockchain systems are applied to health sector (recording patient data, tracking medical supplies and so on), manufacturing (“Made in” certification, tracking the raw materials and packing), distribution and transport (logistics), service and communication, marketing and telecommunication. “][/vc_column][/vc_row][vc_row][vc_column][vc_heading title=”Market and the fast growing trend ” size=”medium”][/vc_column][/vc_row][vc_row][vc_column][vc_single_image image=”718″ img_size=”full”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”The acceptance statistics show that at least 0.5% of the world population use blockchain, or about 40 million people.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”According to the most conservative evaluations, this number will be multiplied by 4 in the next 5 years. And over 80% will accept the technology in 10 years. “][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”So there is no surprise that the world’s leading companies have tested pilot blockchain projects over the recent three years, or have already integrated it.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”At the beginning of 2020 50 companies got into rating of enterprises which had adopted blockchain. All of them aimed at getting no less than $1 billion income or being valued at $1 billion or even more. “][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”The banking giant JP Morgan, luxury good manufacturer LVMH, electronics giant Samsung and auto producer BMW – here are just a few names in the ranking. Facebook social media is also on the list with its famous Libra project that is awaiting for approval of regulators.”][/vc_column][/vc_row]