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Blockchain detonates four industries! The blockchain market is expected to exceed US $16billion in 2023

Time : 29/09/2021 Author : kwpd5u Click : + -
        Cblnsights predicts that by 2023, the expenditure on blockchain solutions is expected to reach $16billion, and this technology has unlimited potential in 58 industries. In the past few years, mainstream enterprises including Samsung, Amazon, Accenture, Facebook, IBM and others have begun to set foot in the blockchain industry. Even LG has entered this field and used "facial recognition services that combine AI and blockchain to make payments in digital currency". At present, blockchain technology is still in its infancy, but on the surface of growth opportunities, it will continue to exist and develop. If blockchain technology is adopted, it may bring great changes to the following four industries.
        In the past decade, banks will pay more attention to digital services and non-traditional services (such as cashapp and paypal), which means that the physical interaction between banks and people will be reduced. Decentralized Finance (DFI) may become a catalyst for the complete digitalization of banks. Atulkhekade, co-founder of xinfin, an enterprise hybrid blockchain, said, "the intersection of innovation between finance and technology is expected to bring a reform to trading financial institutions. At present, the financial technology industry is growing at a high rate of 23% per year, and blockchain will make the financial industry more efficient. Banks and financial technology companies can use digital tokens to distribute assets to asset investors to increase the liquidity of MSME sector.
        Traditional financial institutions and governments are also beginning to realize the benefits that blockchain can bring. Jansammut, the founder of ibisbrokers, believes that "the financial industry is definitely the industry with the highest adoption rate of blockchain. Because blockchain network integrates settlement, computing and account units into one layer, blockchain is very suitable for applications such as P2P lending." Nowadays, blockchain technology has been applied to international settlement and international remittance. For example, in the Middle East and the current COVID-19, it will mean that the demand for digital services is greater than ever. If blockchain is widely adopted, Digital Banking may become more effective and provide more services to customers.
        This is especially true in Lebanon, Venezuela, Brazil and other countries, which have a large number of people without bank accounts. Pavelshkitin, CEO of cryptocurrency exchange nominex, said that since the beginning of this century, the "global banking cartel" has suffered a disastrous blow. Since 2001, more than 500 banks have gone bankrupt and printed trillions of dollars to save the dying dollar. The crisis in 2008 swept the world. It was at that time that cryptocurrency was born, which was specially designed to solve bank bankruptcy. Supply chain has always been one of the biggest areas to embrace blockchain.
        Through careful design, blockchain provides unprecedented efficiency in commodity recording and tracking. It soon attracted the attention of IBM and other large enterprises, using blockchain to track goods. Carrefour, a French supermarket, also uses this technology to track the process of food from farm to store. Blockchain is also used to track sustainable materials in the fashion industry. With the wide application of blockchain technology, consumers and producers can conduct virtual tracking of goods from the source to the final destination. Jackbarrett, CEO of catalyst, said, "blockchain has finally come out of the hype stage, and we are beginning to see its innovation ability in the financial industry, supply chain, real estate and other fields.
        I personally believe that blockchain technology has taken root and thoroughly reformed the traditional financial industry, which is plagued by cumbersome and high-cost processes. ". Wearable technology has become an important technology to lead a healthy lifestyle, from tracking steps, monitoring heartbeat to calorie intake. With the outbreak of COVID-19, new changes have taken place in the situation. Herbertsim, a befaster consultant, said, "in the past decade, the health industry has developed faster and faster. It is predicted that by 2023, the income of the fitness industry in the United States alone will exceed 20million. Fitness, jogging and healthy eating also attract more and more people. Due to the implementation of social alienation policies, some governments in Australia and other countries have taken preventive measures and developed covidsafe and other applications to track social isolation.
        However, blockchain researchers at RMIT University questioned the data security because the Australian government has not released the source code of the application. Allanzhang, the founder of dxchain, a decentralized big data and machine learning network company, said, "in this case, the efficiency of blockchain technology in storing and tracking data can come in handy. After de isolation, blockchain can also be fully integrated into wearable industries, which will bring great value to customers in the long run.". According to a recent study, artificial intelligence, distributed ledger Technology (DLT) and blockchain technology will have the greatest impact on asset investment in the next few years.
        At present, the scale of the asset management industry is $74trillion. Ernst & Young (ey) said, "asset managers need to actively consider and evaluate the impact of the COVID-19 on the financial market." Ernst & Young previously released eyopschain and eyblockchainanalyzer. Yuboruan, a venture capitalist who once raised $60million for his fund, said, "the largest asset management company has made a lot of investment in engineering applications (including infrastructure and back-end servers). The cost structure of some blockchains is simpler, the return rate (1%) is higher than that of treasury bills (0.21%), and the infrastructure is built on mature technology, free of charge to people, and does not need to spend any construction or maintenance costs.
        ”Ruan added, "from a practical point of view, this means that financial products such as ETFs and mortgage securities can be integrated on blockchain platforms at a lower cost. In addition, blockchain based asset management platforms often require a lower minimum balance for investment, which is of great significance for the application of this standard.".
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