Blockchain technology is changing the world and will continue to do so. It enters more and more fields and it seems that it leaves no area untouched.
It entered the automotive industry in a BIG way and grows steadily at 65.8% CAGR (Compound Annual Growth Rate). It helps identify wine and verify its origin and assists in tracking diamonds to ensure that they came from a legitimate source and aren’t so-called “blood diamonds”.
Blockchain is also entering marketing in a big way. One of the interesting examples is the Geon Network, a brand new idea utilising blockchain to create virtual objects (Geons), which can be used to attract people to certain locations. We covered the Geon Network HERE.
According to a report by the World Economic Forum (WEF), DLT (Distributed Ledger Technology) such as the Blockchain could generate as much as $1 trillion in new trade within the next decade.
“Distributed ledger and other technological innovations promise groundbreaking advances in trade and supply chain finance by reducing costs and ease of use,”
The report explains that around 30% of the $1 trillion generated trade volume will be due to the DLT “removing barriers,” and continues to explain that “40% or $0.9 trillion of traditional will move to DLT for better service levels and lower fees.”
Looking at what Blockchain has to offer – the report’s findings are no surprise. The only question is WHEN will we live in a fully blockchain-based world.