Blockchain technologies like Vechain started their journey from finance applications that include decentralized digital currency (cryptocurrencies). As innovations advances in the world on a daily basis, the adoption of blockchain by organizations is also on a constant rise and blockchain is transforming various business organizations.
Blockchain’s remarkable transformation of organizations can be traced to its wide range of exciting features which include decentralization, transparency, impenetrable security, trustworthiness, zero exchange transaction fee, and secure data storage system.
In recent times, there has been an argument over the long-term potential benefits of blockchain technologies such as Vechain and the capacity to transform into large investment plans. In this article, we would be examining the potentials for this and other elements of the wide blockchain adoption by organizations.
The Additional Value of Blockchain
It is widely believed that blockchain provides a much better solution than a digital database not using blockchain. You can only use a database when you have it and thus the difference between using a database that everybody contributes to and using a blockchain technology (distributed or decentralized network) is that nobody owns that blockchain ledger as everyone has their own copy of it.
In a database network, a larger group of participants can use their market power to influence smaller groups of participants. Because you’re contributing data in an almost egalitarian way, your data is the most important factor, not your market power in blockchain technology.
Traditional databases are also vulnerable to malicious modifications, fraud, easy mistakes, and cyber-attacks. In addition, the administrator’s role could be a very influential and powerful role. This is because the administrator has the power to change anything in the database, and this is usually the reasons organizations using traditional database systems, such as relational databases, invest a lot in extra security to ensure that the administrator role is properly monitored.
Adoption Of Blockchain in Various Countries
Without any doubt, the global adoption of blockchain has increased, but its adoption is nevertheless uneven in several countries. The rate of adoption in countries around the world distinctly varies, with China ranked as the biggest adopter of blockchain technology.
According to the Deloitte Global Blockchain Survey, 59% of companies in China have already begun using blockchain technology. This figure almost doubles the percentage of blockchain using companies in the United States (31%). 53% of companies in the Asia-Pacific region have begun using blockchain technology and several other countries are also ahead of the United States of America when it comes to blockchain technology use.
Adoption Of Blockchain-Based Solutions
Implementation of blockchain-based solutions is growing across many organizations. With the advent of blockchain media, technology, and telecommunications (TMT) companies, financial services & non-food manufacturing industries leading the blockchain adoption trend.
The number of companies around the globe now working to integrate blockchain technology is constantly on the rise, and a whopping 86% of the companies not yet using blockchain technology revealed that they were currently studying the technology and the possibility of adopting it.
In 2021, almost twice as many companies have begun using blockchain technologies compared to 2020, with 39% of companies have already implemented blockchain into their operations compared to 23% in 2020. This clearly shows that the wide adoption of blockchain technology isn’t ending anytime soon.
The investment figures for the adoption of blockchain technology are quite stunning, with organizations using blockchain technology experiencing a massive 46% increase in investments, with over $1 billion reported as turnovers. These figures are expected to rise and more and more organizations embrace blockchain.
Industries Currently Making The Best Use Of Blockchain Technology
The use of blockchain technology cuts across a wide range of industry sectors. However, some organizations are better suited to this technology than others. Several decentralized organizations have multiple parties who need access to the same data and also need to be certain that the data has not been tampered with in any way. Below are two examples’ industries making the best use of blockchain technology.
- Financial institutions and their customers are experiencing faster payment processing, money transfers, and reduced transaction fees
- In the healthcare industry, blockchain technology is playing a massive role in helping to ascertain the safety of patient records and to protect the privacy of a patient while also enabling the sharing of a patient’s data if the patient consents.
As more and more industries continue to adopt blockchain technologies, investment plans are expected to continue getting larger, leading to more revenue turnover for the organizations.