More CIOs and CTOs are looking for digital transformation and smart technology. Blockchain is already making an impact outside of the finance and insurance space from which they emerged.
Blockchain is currently being trialed in various sectors undergoing Digital Transformation, some of these being, public sector, arts and entertainment, retail and consumer and Supply chain management.
Blockchain applications market development
Sources now forecasts over $10.6 billion in software and services revenue for all combined blockchain related markets globally by 2023.
The success of blockchain in fintech has prompted significant investment in deploying the underlying infrastructure for application development and testing in other industries. Tech giants such as IBM, Microsoft, Amazon, SAP, HPE, and Oracle, among others, are pushing Blockchain-as-as-Service for first movers, often enabling integration with their existing enterprise software and cloud services,”
said Michela Menting, research director at ABI Research.
High-profile proofs-of-concept and pilots with leading multinational organizations are driving interest and investment in blockchain technology.
Blockchain technology is being leveraged to resolve complex issues around transparency, efficiency, and cost.
Successful pilots run by Walmart and Maersk are already emerging into commercialised platforms that will be market-ready within the next few months.
According to sources, the success that came from the test cases to commercialisation in such a global industry will, in turn, drive the deployment of Blockchain in other sectors too. I for one, am excited to see the increased usage of Blockchain and the benefits that come from it for everyone.