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How blockchain app development is leading the way to the future?

In recent months, the concept of blockchain app development has shown immense potential. In the years to come, more novel and ground-breaking use cases for blockchain are anticipated as the technology advances. Let us find out why blockchain app development is leading the way to the future and why you should hire blockchain app developers from a reputed app development company.

Let us first understand the concept of blockchain and explore some blockchain statistics to gain a clear and complete understanding.

What is blockchain?

Blockchain can be described as an immutable, shared ledger that facilitates the seamless process of recording transactions and tracking assets in a business network. This digitally distributed, decentralized, and public ledger allows the recording of transactions in ledgers and provides the distribution of powers to update a blockchain between the nodes, or participants, of a public or private computer network. 

Simply put, blockchain is known as blockchain because:

  • it puts data into blocks, and
  • it chains those blocks securely together via cryptography

There are four primary types of blockchain networks: Public, private, hybrid, and consortium blockchain. Bitcoin, Ethereum, USD coin, BNB, and Tether are five of the biggest blockchain networks by market cap as of June 2023. Ethereum, Avalanche, Cardano, and Polkadot are some of the most interesting and important blockchain projects that people are likely to consider in 2024 and beyond. 

Presently, some of the most popular use cases for blockchain technology include Decentralized Finance (DeFi), Supply chain management, Intellectual property rights, Digital identification, medical records and healthcare, Payments and other financial transactions, Anti-Money Laundering (AML), Patent ecosystem, Insurance, and Capital markets.

Let us now have a close look at some interesting blockchain statistics.

Blockchain Statistics At A Glance

  • The projected growth in the blockchain technology market according to Market intelligence company Fortune Business Insights is expected to be US$469.49 billion in 2030 compared to US$17.57 billion in 2023, suggesting a CAGR (compound annual growth rate) of 59.9 percent.
  • A significantly higher CAGR of 87.7 percent is projected by Grand View Research from US$17.46 billion in 2023 to US$1431.54 billion in 2030.
  • Healthcare, financial services, government, media & entertainment, and retail are the sectors with the largest blockchain market opportunities.
  • As of June 2023, there are 8,832 active cryptocurrencies in the world and over 85 million Bitcoin block explorer blockchain.com wallet users worldwide.
  • Approximately 90 percent of Bitcoins have already been mined (with the last Bitcoin expected to be mined in the year 2140) and the Bitcoin blockchain is 464.83 Gigabytes in size as of June 2023.

Use cases and benefits of blockchain

Blockchain technology has the unique advantage of creating more fairness, accountability, and transparency through its core characteristics of decentralization, transparency, immutability, and automation while providing a secure and unchangeable record of transactions without any need for a centralized authority to manage a Blockchain network.

Central Bank Digital Currencies

Central Bank Digital Currencies operate on a transparent, secure blockchain network and it leverages blockchain technology to create an immutable record of all transactions, making it impossible to tamper with or modify the data.

Capital Markets

Blockchain unlocks a faster, cheaper, and easier way to capital for capital markets. It also minimizes the barriers to issuance while also enabling peer-to-peer trading, reducing counterparty risks, promoting more transparent & faster settlement and clearing, reducing costs, and streamlining auditing & compliance.

Decentralized Finance (DeFi)

Decentralized Finance leverages blockchain technology to increase financial transparency & security, support a standardized and integrated economic system, and unlock liquidity & growth opportunities. Furthermore, product teams and developers from the blockchain app development team receive the flexibility to build on top of existing protocols, integrate third-party apps, and customize interfaces.

Digital Identity

A blockchain-based digital identity system offers an interoperable, tamper-proof, and unified infrastructure with key benefits to users, enterprises, and IoT management systems. This helps protect them against theft while offering greater sovereignty to users over their data.

Banks & Financial Institutions

Banks and Financial Institutions often struggle with slow payment settlements, archaic operational processes, security vulnerabilities, and limited transparency. Using blockchain technology, they can improve the digitization of financial instruments to reduce counterparty risk, increase liquidity, and minimize the cost of capital.

Energy & Sustainability

A majority of oil & gas companies suffer from siloed infrastructures and an absence of efficiency, optimization, and transparency. Process efficiencies can be significantly increased while minimizing costs associated with oil and gas operations and distribution, thanks to enterprise-grade blockchain solutions.

Government and the public sector

Blockchain technology allows local, state, and national governments to improve accountability, build trust, and improve responsiveness. It also helps them reduce costs, increase operational efficiency, and create & maintain high-performing government functions with more agility, security, and cost-effective structures.

Healthcare & Life Sciences

Blockchain-based healthcare solutions enable more efficient, faster, and more secure management of medical data and medical supply tracking. This could significantly enhance patient care, ensure the authenticity of drugs circulating global markets, and facilitate the advancement of medical discoveries.

Retail Fashion & Luxury

The luxury and retail fashion industry rapidly evolves with the demands and changing preferences of consumers. Blockchain technology addresses long-standing industry challenges and unlocks growth opportunities by enhancing supply chain operations, improving data management tools, and minimizing the risk of counterfeit and grey markets.

Real Estate

Blockchain enables the seamless digitization of financial instruments and assets. This, in turn, facilitates expanded access to global markets, democratized access to real estate investment opportunities, increased liquidity, and enhanced fractionalization of ownership.

To know more about how blockchain app development solutions offered by a trusted mobile app development company such as ITIO Innovex can help your business, please feel free to contact us.

Conclusion

Undoubtedly, blockchain is a disruptive technology that is gaining growing recognition and acceptance across the world with every passing day. This is primarily because the decentralized nature of blockchain technology enhances trust among stakeholders, reduces fraud risks, and ensures tamper-resistant data to foster transparency, ownership, accountability, and fairness when it comes to data. 

Blockchain technology can help your business stay supreme at the forefront of innovation to gain a competitive and significant edge while satisfying the ever-growing demand for secure and transparent business practices in an increasingly digital landscape. The mass adoption of blockchain in various domains thanks to out-of-the-box mobile app development solutions and a steady growth of blockchain use cases by industry have almost transformed blockchain technology to be the face of the future.

Find out how seamless blockchain app development solutions by a trusted mobile app development company such as ITIO Innovex can help you hire blockchain app developers to meet the specific requirements of your business and reinvent your business with time and changing trends.