Growing trend in usage of Blockchain Technology in multiple sectors

Blockchain is the distributed ledger technology that improves the efficiencies of the utility, chemicals, IT & communication, and many other industries sectors. Blockchain is the unique solution in the energy sector that is used in energy distribution and facilitates provenance tracking to consumer’s greater efficiency and controls the energy sources. Additionally, Blockchain also provides an immutable ledger to secure real-time updates in several sectors such as utility, and manufacturing facilities.

Rising adoption of Blockchain technology in the growing utility energy sector around the globe

Blockchain in the energy industry is a decentralized ledger technology that enables consumers or investors to buy or sell renewable energies such as wind, solar and hydro for a certain price effectively.

Rising the adoption of advanced technology such as IoT, Blockchain in the energy sector is growing with the surge in investment by the government to transform the energy sector such as rooftop solar, smart metering, power, and electric vehicles into the cheapest form. Further, the rising adoption of cryptocurrency based on Blockchain technology in the energy sectors is expected to witness potential demand across the globe. For example, recently in 2019, the Energy Web Foundation has utilized Ethereum a Blockchain-based cryptocurrency wallet for building its energy platform so as to reduce the operational cost. Also, several countries around the globe are utilizing Blockchain into renewable energy by shifting from a traditional business into lower-cost retail energy.

Further, the rising grid integration of distributed energy resources of the leading players, security concerns in the energy sector with the surge in focus on the software development toolkits, and growing decentralized identities have propelled the blockchain market growth.  Also, major players are adopting and launching Blockchain technology and launching new platforms to enhance its use in the growing utility sector. For instance, in June 2019, Energy Web Foundation launched the Open-source, Enterprise-grade Blockchain World’s First Public platform for tailoring the Energy Sector. This energy platform will help of enterprise-grade Blockchain in power sectors including utilities, grid operators, and live networks.

Blockchain is transforming rapidly growing social networking sites globally

Rising usage of social media platforms with the surge in the number of mobile internet users across the globe has propelled the demand for Blockchain technology to manage such a huge customer base. For instance, according to the Our World in Data Organization Report, globally an estimated more than 3.5 Billion people use social media platforms with Facebook has 2.4 Billion users. Also, other social media platforms such as Youtube and Whatsapp have over one billion users each.

Thus, the introduction of Blockchain technology in social media helps to solve inherent problems related to notorious scandals, privacy violations, data control & privacy, and content relevance. Hence, Blockchain in the social media platform is gaining potential demand for solving the problems with this emerging technology. Implementation of Blockchain in social media helps to ensure data privacy, avoid duplication, even after its deletion. Moreover, users will be able to store data securely by maintaining their ownership.

Adoption of advanced technologies such as AI, Blockchain, Big data, and Data Analytics for better consumer experience and reducing the operational costs in the Finance Industry

The global financial industry is predominantly adopting advanced technologies such as AI, Blockchain, Big data, etc. For instance, Blockchain technology is revolutionizing the financial service institutions such as commercial banks, rating agencies, central banks, venture capital, stock exchanges, etc. for predicting the customer’s behaviors, habits, and demands in order to provide customers with better solutions as per their requirement. Also, Blockchain technology is reducing the infrastructure cost by providing an online safe and secure solution to its banking customers through the adoption of cryptocurrencies. For instance, these digital technologies such as Blockchain, AI, etc. are helping in reducing infrastructure costs by approximately 30% and will able to save between US$ 8 billion to $12 billion annually as per a recent study by a group of financial institutes.

COVID 19 Outbreaks Accelerated the Adoption of the Blockchain Technology among the Small and Large Scale Enterprises

COVID-19 pandemic has affected every business due to strict rules, lockdowns, and restrictions applied by several countries across the globe. This has forced businesses to adopt advanced technology such as Blockchain, AI and IoT to revamp their processes and digitize their operations in order to improve the functions and business revenue. Small and large-scale enterprises have realized the value of adopting technologies such as Blockchain in their business process for integrating their operations earlier. Organizations have realized the demand for Blockchain technology for ensuring smart contracts, security, and instant auditability of businesses. Blockchain technology helped businesses across the globe to deliver solutions that can establish trust and transparency in the business processes.

Blockchain Establishes Secure Digital Identity

Rising extensive digital platforms with surge in the number of internet users across the globe have propelled the Blockchain technology market. For instance, according to the International Telecommunication Union (ITU) in 2019, an estimated more than 4 Billion population that is approximately 51% of the global population is using the Internet. Thus, it created a massive demand for advanced technology such as Blockchain for securing the identity of the people around the globe by harnessing digital identity solutions like Blockchain. Thus, Blockchain technology is used to secure online presence and reduces online fraud and identity theft. Blockchain technology helps to stores data in a decentralized that ensures user’s single digital identity to be stored in a secure and incorruptible manner. Also, several leading players are launching Blockchain technology-based software and solutions to ensure the safety and security of the information and data across the globe. For instance, in 2018, Oracle launched Its Blockchain cloud service for offering a new level of security in business transactions. Also, in Dec, 2020, JD COIN US-Based Blockchain Technology Company has launched its 4th generation Blockchain technology named Hydrus7 at Paris Blockchain Week Summit (PBWS) at Paris. It was the biggest event of Blockchain technology globally held in  2020 in association with the European government.