Block Chain technology has been around for close to 10 years, having been launched as bitcoin during the 2008-2009 financial crisis.
Adoption of the block chain technology is currently on the rise. In the meantime, some ICOs and block chain marketing entities have been propelling hype around this technology and they are seriously overstating its adoption.
Based on research and the finding of entities like Markets.com, block chain is expected to grow by almost 70 percent in the next 6 years. This projection was made based on historical data, but will only be deemed correct is several other factors remain constant. In terms of money, block chain is expected to have close to $57 billion in the next 6 years.
Most of the studies that are looking at this technology have focused on what it will be worth in the projection period. Therefore, it is important for those who prefer this technology to be aware that it is not just the numbers that matter, but also the scale of adoption.
Although these two scopes show a correlation, real value market and the capital injected will provide a comprehensive picture with regards to adoption. In addition, sample players are the majority in the block chain environment. They include Ripple, R3, IBM Corporation, Digital Assets Holding, Linux Foundation and Safello.
The demand for a technology that guarantees data security, records immutability, transparency in transactions and low operational costs is increasing. The best technology, and one that meets all these needs, is block chain and many companies are looking to it into their business operations.
Areas such as supply management, consumer services, media health and Finetech, just to point out a few, are set to integrate block chain technology. It is expected that public sector will cause an increase in adoption of block chain technology in the next 6 years.
Most governments prefer decentralized technologies and many of these projects are under conceptualization or implementation.
Despite the rising adoption of block chain in several areas of the economy, the financial sector is expected to dominate this technology generally. Growth will steered by a rising demand for crypto currencies for block chain based platforms.
Concerning adoption in a regional context, the financial sector in Asia will experience the best growth ever seen worldwide. Venture capital firms and banks will drive this change through deployment of distributed financial platforms that will operate using digital currencies.
The crypto currency sector will also grow alongside block chain. Although there are some difficulty when it comes to forecasting its growth because of market volatility, it is probable that the existing capitalization estimated at $270 billion will see growth as well.