Future of Blockchain Industry

Future of Blockchain Industry

In 2008 when Satoshi Nakamoto created Blockchain, he succeeded in drawing the public’s attention to itself; although the concept behind this technology has been suggested for at least three decades. In 1991 two persons introduced this concept who were working on the encrypted blocks chain. Their objective was to protect people’s personal computer files against hackers’ manipulation. They published their idea under the title of “how to Time-stamp a Digital Document?”. Some believe that some of the Blockchain features in P2P technologies were observed in cloud computing and torrent. We try to speak about the future of Blockchain through analyzing the existing data in the present paper.

What Do the Statistics and Figures Related to the History of Blockchain Tell Us?


Most people have recognized Blockchain with the name of Bitcoin. Bitcoin found the value equal to the U.S. Dollar in February 2011, and then in March 2013, it reached a value of $100, and it surpassed $1000 in December 2013. If you bought a hundred Bitcoins in 2011, your asset would be $2053278 in 2018. In 2008 all Bitcoin transactions were being done by Satoshi and Hal Finney, an active developer in the field of encryption. The first real Bitcoin transaction based on Blockchain was done in 2010 by Laszlo Hanyecz and paid 10000 Bitcoins to buy two pizzas. At last, in 2011, Bitcoin and Blockchain turned into two separate fields, and some various areas were developed in Blockchain, and some investments were carried out in them. In 2016, $1.6 billion was invested in the fields related to Blockchain. 

The Current Status of Blockchain


Since the time of Bitcoin emergence, many companies such as IBM, Wal-Mart, Visa, and some other small startups have conducted much research on the Blockchain industry. It can be claimed that the society of international technology believes that Blockchain has been one of the most important inventions in recent years. Today Blockchain is used for trading digital currencies, and Bitcoin has still been recognized as the most valuable cryptocurrency, and Ethereum is on the second rank. Today the Blockchain industry includes 0.025% of the world’s GDP and has a value equal to $20 billion. This figure is trivial when it is compared to the capabilities Blockchain can have, and today, about 90% of the European and American banks are researching and developing the Blockchain industry. Most of these banks are thinking about using Blockchain to increase transactions process. We can see the growth of using Blockchain and investing in it in other field of industry. According to the data released by AngelList, more than 3000 companies have been registered who are related to Blockchain, and thousands of investors and jobs have been created in this regard. Moreover, Blockchain and cryptocurrencies have been accommodated in the first 6 mostly-asked jobs in the U.S. 
According to the data published by Nele Maria Palipea last year, just 50 million people used cryptocurrencies, and it means 0.71% of the world’s people. She believes that the process of accepting cryptocurrencies among people will be slow, like accepting Email, and it can be said that it needs more time to become prevalent in public. On the other hand, another series of statistics was published by McKinsey in 2017, which shows that Blockchain will reach its full maturity in the next five years. He believes that from 2009 to 2016 (that McKinsey has mentioned it as a dark age), Bitcoin has been the most profitable industry. According to this prediction, Blockchain should have at least ten to twenty practical applications (useful technology) up to 2020. All these statistics and figures direct us to the future of Blockchain. In a survey published in 2018, 84% of the people believed that Blockchain would finally be accepted by the public.

How Will the Future of Blockchain Be? 


Observing these statistics and figures, it can be inferred that there will be a big investment in this industry in the near future since numerous big industries are implementing this phase. It is predicted that the total share of GDP of Blockchain will reach 10% until 2017. The World Economic Forum introduced Blockchain as one of the six biggest trends of the world and believes that many governments around the world will take tax from Blockchain until 2023. Nasdaq believes too that 15% of all the transactions will be done via the Blockchain industry until 2030.
In 2017, International Data Corporation predicted that the total amount of money spent on the Blockchain industry would be $2.12018 billion, and it is twice the total amount of money charged in 2017; however, in the last year, $1.5 billion has been spent. This organization has also predicted that in 2019, this figure will reach $2.9 billion. In sum, it can be said that Blockchain is an industry which will remain. Even today, we see that Blockchain is ahead of other technologies in any other areas, and its future will be the same too. 


References:


[Bitcoinfy] “Everything You Ever Wanted to Know About Crypto: Interesting Blockchain Statistics”, April 2019
[IDC] “Worldwide Blockchain Spending Forecast to Reach $2.9 Billion in 2019, According to New IDC Spending Guide”, March 4, 2019
[Medium] “The Past & Future of Blockchain: Where we’re going and why”, Spencer Bogart, May 23, 2019

Written by:

Dr. Pooyan Ghamari

https://www.linkedin.com/in/counos/ 

www.counos.io