In 2019, it was estimated that around $2.9 billion were invested in block chain technology, which represents an 89% increase from the year prior. Additionally, the International Data Corp has estimated that corporate investment into block chain technology will reach $12.4 billion by 2022. Furthermore, According to PricewaterhouseCoopers (PwC), the second-largest professional services network in the world, block chain technology has the potential to generate an annual business value of more than $3 trillion by 2030. PwC’s estimate is further augmented by a 2018 study that they have conducted, in which PwC surveyed 600 business executives and determined that 84% have at least some exposure to utilizing block chain technology, which indicts a significant demand and interest in block chain technology.
Individual use of block chain technology has also greatly increased since 2016. According to statistics in 2020, there were more than 40 million block chain wallets in 2020 in comparison to around 10 million block chain wallets in 2016.
Cryptocurrencies.
Most cryptocurrencies use block chain technology to record transactions. For example, the bitcoin network and Ethereum network are both based on block chain. On 8 May 2018 Facebook confirmed that it would open a new blockchain group. which would be headed by David Marcus, who previously was in charge of Messenger. Facebook’s planned cryptocurrency platform, Libra (now known as Diem), was formally announced on June 18, 2019.
Governments have mixed policies on the legality of their citizens or banks owning cryptocurrencies. China implements blockchain technology in several industries including a national digital currency which launched in 2020. In order to strengthen their respective currencies, Western governments including the European Union and the United States have initiated similar projects.
SMART CONTRACTS USE CASES
Smart contracts are like regular contracts except the rules of the contract are enforced in real-time on a blockchain, which eliminates the middleman and adds levels of accountability for all partielo involved in a way not possible with traditional agreements. This saves businesses time and money, while also ensuring compliance from everyone involved.
Blockchain-based contracts are becoming more and more popular as sectors like government, healthcare and the real estate industry discover the benefits.
a few examples of how companies are using blockchain to make contracts smarter.
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BURSTIQ
How it’s using blockchain: BurstIQ’s big data blockchain contracts help patients and doctors securely transfer sensitive medical information. The smart contracts establish the parameters of what data can be shared and even displays details of personalized health plans for each patient.
MEDIACHAIN
How it’s using blockchain: Mediachain uses smart contracts to get musicians the money they deserve. By entering into a decentralized, transparent contract, artists can agree to higher royalties and actually get paid in full and on time. Streaming giant Spotify acquired Mediachain in April 2017.
PROPY
How it’s using blockchain: Propy is a global real estate marketplace with a decentralized title registry system. The online marketplace uses blockchain to make title issuance instantaneous and even offers properties that can be purchased using cryptocurrency.
MONEY TRANSFER USE CASES
Pioneered by Bitcoin, cryptocurrency transfer apps are exploding in popularity right now. Blockchain is especially popular in finance for the money and time it can save financial companies of all sizes.
By eliminating bureaucratic red tape, making ledger systems real-time and reducing third-party fees, blockchain can save the largest banks $8-$12 billion a year, according to a recent article by ComputerWorld. We’ll take a deeper dive into four companies using blockchain to efficiently transfer money.
OPSKINS
How it’s using blockchain: Gamers looking to buy rare skins, accessories and even emotes can use Bitcoin as a method of payment at the OPSkins online marketplace. Sellers receive the bitcoin in their virtual wallet and either choose to keep the cryptocurrency or exchange it for cash. OPSkins processes more than two million virtual transactions a week.
CIRCLE
How it’s using blockchain: Boston-based Circle oversees more than $2 billion a month in cryptocurrency investments and exchanges between friends. Circle’s investment and money transfer platform currently features seven different cryptocurrencies, including Bitcoin, Monero and Zcash.
CHAIN
How it’s using blockchain: Chain builds cloud blockchain infrastructures for financial services. The San Francisco company’s cryptographic ledgers help financial institutions safely and efficiently handle the transfer of cryptocurrencies.
INTERNET OF THINGS USE CASES
The Internet of Things (IoT) is the next logical boom in blockchain applications. IoT has millions of applications and many safety concerns, and an increase in IoT products means better chances for hackers to steal your data on everything from an Amazon Alexa to a smart thermostat.
Blockchain-infused IoT adds a higher level of security to prevent data breaches by utilizing transparency and virtual incorruptibility of the technology to keep things “smart.” Below are a few US companies using blockchain to make the Internet of Things safer and smarter.
How it’s using blockchain: Filament creates software and microchip hardware that lets connected devices operate on blockchain.
HEALTH CARE
Blockchain in healthcare, though early in its adoption, is already showing some promise. In fact, early blockchain solutions have shown the potential to reduce healthcare costs, improve access to information across stakeholders and streamline businesses processes. An advanced system for collecting and sharing private information could be just what the doctor ordered to make sure that an already bloated sector can trim down exorbitant costs.
GOVERNMENT USE CASES
One of the most surprising applications for blockchain can be in the form of improving government. As mentioned previously, some state governments like Illinois are already using the technology to secure government documents, but blockchain can also improve bureaucratic efficiency, accountability and reduce massive financial burdens. Blockchain has the potential to cut through millions of hours of red tape every year, hold public officials accountable through smart contracts and provide transparency by recording a public record of all activity, according to the New York Times
Voting process
How it’s using blockchain: Follow My Vote is a secure online voting platform using an open-source virtual blockchain ballot box. The technology decreases spending on physical ballots and can be accessed via any device. Follow My Vote implements the end-to-end tools that elections need in order to provide total safety and confidence in the voting process.
BlockChain Technology 