Blockchain has attracted a lot of attention recently and it’s no surprise. After all, it has the potential for transforming the way many giant industries function today. This is mainly due to its unique ability to cut off the middleman through decentralized transactions across a P2P network. The result is close to instantaneous transactions, low fees, and most significant, security, transparency, and privacy.
Through this new infographic, Bitfortune offers some great insight into how blockchain technology works and why it is set to disrupt at least 16 different industries, each with its own unique benefits. What’s more, they go on to give predictions into the future of blockchain and the changes that are to be expected in each field.
In a nutshell, voting, banking, ride sharing, government transactions, crowdfunding, real estate, and cybersecurity are but a few of the sectors covered. There is so much room for innovation given that blockchain is just as young as the internet was two decades ago.
In these times when the world is getting more and more skeptic of internet security and institution transparency, blockchain is a much-needed tech. It is the one thing that can restore trust among internet users.
Cryptocurrencies have been on the forefront in employing the tech but other industries are gaining on as well. For instance, the banking sector has already started to adopt blockchain. Apparently, 90% of the major banks in North America and Europe are exploring blockchain solutions. It is estimated that blockchain can reduce bank infrastructure costs by 30%.
Almost all major companies are looking into incorporating blockchain in their day-to-day activities. In fact, most of them already have a blockchain team on standby.
The projected growth is insane! It is estimated that the technology will expand by an average of over 42% each year until 2022, according to Netscribes. And, as expected, with this rapid expansion comes numerous job openings. Freelancing websites are already experiencing a spike in demand for blockchain experts.
In the following infographic, you will find more details about these and many other facts surrounding blockchain technology. Read on to find out exactly how blockchain works, the industries that are already benefiting and how, future trends, and what other experts have to say.
Infographic URL: https://bitfortune.net/blockchain-disruptions-infographic/