Amidst the surge in digital adoption, various new-age technologies are emerging. Blockchain is one such technology that is gaining prominence and is expected to be the next in-thing for businesses. This trend is highlighted by Grand View Research in its recent report which states that the size of the global blockchain technology market stood at $5.92 billion in 2021. It is projected to grow at a CAGR of 85.9% from 2022 to 2030.
The study states that the APAC region, especially India, is expected to be one of the fastest-growing markets in the future. In fact, the government of India has been actively promoting the use of blockchain technology. The major reason driving the growth of this solution is due to high transparency and increased efficiency.
Blockchain: The way forward for businesses to grow
The technology works in two models - centralized and decentralized. The former allows the control over data to be implemented by just one entity. It could be a person or an enterprise. Whereas, in the case of the latter; the control is shared among various independent entities. Primarily, the centralized model is implemented in businesses due to security and privacy issues.
Being one of the beneficial technologies, it has become imperative for businesses to adopt blockchain. Organizations would have to cash on this trend so as to cope with industry dynamics and enjoy a competitive edge in the market. The reasons for this are varied.
Security, encryption, and privacy
The primary factor for blockchain adoptions among businesses is that the technology comes with a promise of security and privacy. The value of blockchain arises from its ability to share data in a fast and secure manner. It creates a record of data with end-to-end encryption. It also secures the transactions committed to the blockchain network since they can’t be edited or changed. This way the data can’t be altered and hence the chances of fraud, cybercrime, or even malicious acts are reduced drastically.
Continue reading: https://economictimes.indiatimes.com/news/how-to/how-to-grow-business-through-blockchain-technology/articleshow/91906404.cms
The study states that the APAC region, especially India, is expected to be one of the fastest-growing markets in the future. In fact, the government of India has been actively promoting the use of blockchain technology. The major reason driving the growth of this solution is due to high transparency and increased efficiency.
Blockchain: The way forward for businesses to grow
The technology works in two models - centralized and decentralized. The former allows the control over data to be implemented by just one entity. It could be a person or an enterprise. Whereas, in the case of the latter; the control is shared among various independent entities. Primarily, the centralized model is implemented in businesses due to security and privacy issues.
Being one of the beneficial technologies, it has become imperative for businesses to adopt blockchain. Organizations would have to cash on this trend so as to cope with industry dynamics and enjoy a competitive edge in the market. The reasons for this are varied.
Security, encryption, and privacy
The primary factor for blockchain adoptions among businesses is that the technology comes with a promise of security and privacy. The value of blockchain arises from its ability to share data in a fast and secure manner. It creates a record of data with end-to-end encryption. It also secures the transactions committed to the blockchain network since they can’t be edited or changed. This way the data can’t be altered and hence the chances of fraud, cybercrime, or even malicious acts are reduced drastically.
Continue reading: https://economictimes.indiatimes.com/news/how-to/how-to-grow-business-through-blockchain-technology/articleshow/91906404.cms
