Blockchain, an innovative breed of distributed ledger, enables companies to track a transaction and do business with unverified parties — even without the assistance of financial institutions. This new capability significantly lessens business conflicts; it also adds other benefits such as append-only data structure, transparency, security, immutability, and decentralization.
Blockchain technology has enjoyed massive adoption and continues to disrupt many industries, from gaming and governance to finance. According to the International Data Corporation, companies will spend almost $6.6 billion on blockchain solutions in 2021, a 50 percent increase from the previous year. This number is expected to grow beyond $15 billion in 2024. With the new rise of NFTs and the metaverse, blockchain will become more important in 2022.
Businesses are encouraged to start studying blockchain technology, since it is expected to generate significant business opportunities; Statista reports that global blockchain technology is predicted to grow to more than $23.3 billion by 2023. A notable existing blockchain deployment is that of Walmart’s supply chain database application, allowing the monitoring of individual products directly to their very source, effectively elevating food supply standards. Amazon is rolling out its blockchain initiatives for 2019, which allow its Amazon Web Services clients to benefit from distributed ledger solutions.