Blockchain is one of the most revolutionary technologies of our time, with cryptocurrencies like Bitcoin leading the charge. It has an array of applications in several business verticals.
Blockchain experts predict that this technology will change finance and law, politics, healthcare, traveling, and more shortly.
To understand this better, let’s take a closer look at the most prominent blockchain trends and statistics in 2021, along with actionable tips on making the most of this data.
Blockchain Statistics 2021
Blockchain is a technology that registers data through a device that cannot be altered or cloned for the uninitiated. So it serves as a digital ledger that keeps growing with each new transaction.
The ledger is mainly used for cryptocurrencies such as bitcoin, as it doesn’t rely on a central administrator and prevents counterfeiting.
As a result, the adoption of blockchain technologies is on the rise. In fact, from the end of 2016 to the middle of 2021, the registrations for blockchain wallets have increased from 10.98 million to more than 70 million.
And as of June 2021, 2.58 cryptocurrency transactions are occurring every second. So much so that the total amount spent on blockchain solutions worldwide is estimated to reach $6.6 billion in 2021. In addition:
The finance sector is the biggest user of blockchain
Cryptocurrencies make up for the majority of blockchain usage, and the finance industry has taken note. About 90% of all banks in Europe and the US had begun blockchain-related initiatives by 2018.
However, finance is not the only vertical using blockchain. It’s a good fit for any industry that leverages transactions. So it’s also a growing trend in accounting, insurance, and capital market firms.
A report from Accenture shows that using blockchain can save up to $12 billion for banks, $7 billion for insurers, and $4 billion for capital markets firms.
Blockchain has streamlined travel and mobility.
Blockchain has made car leasing and ride-hailing more efficient, leading to cost savings in payment and verification methods.
The same benefit has extended to airlines too. For example, when Russia-based S7 Airlines started using an Ethereum-based blockchain to fuel intelligent contracts, it reduced settlement times from 2 weeks to 23 seconds.
Hotels aren’t behind, adopting blockchain in several ways, such as inventory tracking and loyalty programs.
Blockchain could boost the construction industry.
Blockchain’s capacity for secure and fast transactions is also beneficial for the construction industry.
A 2017 McKinsey study estimated that blockchain technology could increase the construction industry’s productivity by 9% and boost cost savings by 7%. It can do that with better progress monitoring and accurate cost and schedule forecasts.
Blockchain improves healthcare
According to an estimate, programs that incorporate blockchain into healthcare will reach $5.61 billion by 2025.
This is because blockchain tech can assist with handling medical records and point-of-care genomics. In addition, transaction processing speed on the blockchain drops drastically compared to conventional credit card payments.
When it comes to blockchain, some factors are somewhat half-baked and need to be figured out. For example, uncertainty in regulatory issues and logistical implementation prevent blockchain from being viewed as a mature, reliable, and stable technology.
But as evident from these statistics, companies are increasingly viewing blockchain as a strategic priority. And investment in blockchain solutions is on the rise. Consequently, it has a significant role to play in the future of work and business.
So if you want to gain and maintain a competitive advantage, make sure to take these trends into account and adjust your strategy in the future.