Rise of Digital Assets Complementing the Rise of Blockchain
Global blockchain market size was valued at USD 1.3 Trillion by 2031, growing at a CAGR of 80.8% in the forecast period (2024-2031). Blockchain is a distributed database of information spread across a network of nodes across computers. Surging demand for transparency and security of data has led to increased adoption of Blockchain technologies and solutions around the world. Rapid digitization has bolstered the importance of digital assets such as NFTs (Non-fungible Tokens) and cryptocurrencies and these assets are being secured using blockchain technology.
Drivers
Adoption of Enterprise Blockchain Solutions
Blockchain solutions and technologies designed specifically for enterprise applications are increasing in availability around the world, which is promoting the use of blockchain among companies. Implementation of blockchain solutions in enterprises opens up the scope for automation, better supply chain visibility, improved data integrity and security, and real-time data-sharing capabilities. However, the growing availability of affordable and scalable enterprise blockchain solutions will further boost market growth in the long run.
Growing Demand for Cryptocurreny
Virtual currencies have risen in popularity rapidly in recent years and most of the credit goes to Bitcoin. The development of new cryptocurrencies and rising acceptance of the same in different parts of the world are key factors promoting the popularity of blockchain technology and solutions in the future. The growing use of cryptocurrencies to buy digital and real-world assets is boosting the demand for blockchain around the world.
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Restraints
Complexity in Integration and Implementation of Blockchain Solutions
Blockchain technologies and solutions are highly complex to implement as they require specialized hardware and software solutions. Companies need to invest heavily in developing the blockchain infrastructure at first then bring in skilled professionals to install and maintain blockchain solutions. This increases the costs and complexity of deployment and slows down blockchain adoption. Moreover, integrating blockchain solutions and technologies with existing infrastructure could be another challenge that impedes market development in the future.
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Opportunity
Use of Blockchain to Improve Cybersecurity
Rising incidence of cyberattacks around the world has resulted in high demand for advanced cybersecurity solutions. The use of blockchain in cybersecurity is opening up new avenues for cybersecurity providers. Implementing Blockchain in cybersecurity results in the creation of a comprehensive risk management system that utilizes assurance services, cybersecurity frameworks, and compliance data to effectively detect frauds and threats. Blockchain in cybersecurity can be used for authentication, validation, and secure communication purposes. The growing popularity of smart contracts is also a key trend that will promote the adoption of blockchain in cybersecurity applications over the coming years.
How Bright is the Future for Blockchain Tech?
Possibilities for Blockchain in the future are endless if the companies can comply with mandates implemented by governments and regulatory authorities. The robust cryptographic encryption offered by Blockchain will create new growth opportunities in the cybersecurity and decentralized finance industries going forward. Supply chain visibility is another application where the use of blockchain could increase at a notable pace. So, with endless possibilities blockchain companies need only innovate to make a mark in the global landscape
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Mr. Jagraj Singh
Skyquest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: sales@skyquestt.com
Visit Our Website: https://www.skyquestt.com
USA (+1) 351-333-4748
