The Impact of Blockchain

[Smeet]

I wanted to discuss blockchain technology and its potential for transformation, supported by some compelling statistics and reputable sources.

In Accounting: According to a recent report by Deloitte, blockchain is considered a critical strategic priority by 53% of global executives, highlighting its recognition as a game-changer. https://www2.deloitte.com/us/en/pages/audit/articles/impact-of-blockchain-in-accounting.html

In Supply Chain Management: A report from DHL indicates that companies implementing blockchain in their supply chain experience increased transparency. https://www.dhl.com/content/dam/dhl/global/core/documents/pdf/glo-core-blockchain-trend-report.pdf

Healthcare: A coin telegraph study predicts the global blockchain in healthcare market to reach $1.6 billion by 2025, showing its potential to secure health records and improve patient care. https://cointelegraph.com/news/study-blockchain-in-healthcare-market-to-surpass-16-billion-by-2025

Finance: The World Economic Forum suggests that blockchain could store 10% of global GDP by 2027, reshaping traditional finance. https://www.weforum.org/reports/deep-shift-technology-tipping-points-and-societal-impact/

What do you think of these statistics and the potential of blockchain in various sectors?

Are there any other sectors that you believe blockchain technology will be of use in?

[Medusah]

Finance: The World Economic Forum suggests that blockchain could store 10% of global GDP by 2027, reshaping traditional finance. https://www.weforum.org/reports/deep-shift-technology-tipping-points-and-societal-impact/

What's interesting is that this was published in 2015.  At that time, Bitcoin had had a $20B market cap.  It will be insane if this prophecy comes true, but 8 years later in 2023, it seems like a probable scenario.

($8 trillion market cap means 16x, even though the global GDP has increased by more than 25% since 2015: https://data.worldbank.org/indicator/NY.GDP.MKTP.CD)

[Aanuoluwatofunmi]

There are many things to learn about blockchain technology and many other requirements needed to know about how the system and technology operates, i have some few articles on blockchain technology from members thread on this forum and the open internet at large, you can read more about blockchain from these links as follows.

List of useful bitcoin blockchain explorer
https://bitcointalk.org/index.php?topic=5197909.0

Mastering blockchain
https://www.amazon.in/Mastering-Blockchain-Distributed-technology-decentralization-ebook/dp/B077TXGD5Q?tag=googinhydr18418-21&tag=kindlecontentin24-21&ascsubtag=_k_EAIaIQobChMI8rK_jJDf5AIVFCQrCh0d6gLgEAYYBCABEgIjhvD_BwE_k_&gclid=EAIaIQobChMI8rK_jJDf5AIVFCQrCh0d6gLgEAYYBCABEgIjhvD_BwE

[serjent05]

Blockchain technology can be integrated into almost all sectors and industries.  Since blockchain technology is all about tampered-proof recordkeeping, it can be used and integrated into any Industry available not only in the list @OP had stated.

Blockchain technology will have a huge impact if taken advantage but sadly not all are into implementing this kind of technology and uses the old method of securing data and records since some want their records to be susceptible to tampering for personal gain.

[mendace]

I believe that the word blockchain has become a buzzword to increase one's business, let's say that many sectors that currently use it could do without it and in all honesty they would have more flexibility if they used simple databases but since you asked.  In addition to these sectors, blockchain could also be used in other fields, such as energy, real estate, education and copyright management.  Its ability to create shared, secure, and decentralized ledgers opens up possibilities for innovation in many fields.  However, it is important to keep in mind that its adoption can bring regulatory and technical challenges that must be addressed to maximize its potential.

[Smeet]

There are many things to learn about blockchain technology and many other requirements needed to know about how the system and technology operates, i have some few articles on blockchain technology from members thread on this forum and the open internet at large, you can read more about blockchain from these links as follows.

List of useful bitcoin blockchain explorer
https://bitcointalk.org/index.php?topic=5197909.0

Mastering blockchain
https://www.amazon.in/Mastering-Blockchain-Distributed-technology-decentralization-ebook/dp/B077TXGD5Q?tag=googinhydr18418-21&tag=kindlecontentin24-21&ascsubtag=_k_EAIaIQobChMI8rK_jJDf5AIVFCQrCh0d6gLgEAYYBCABEgIjhvD_BwE_k_&gclid=EAIaIQobChMI8rK_jJDf5AIVFCQrCh0d6gLgEAYYBCABEgIjhvD_BwE

Thank you for that link of popular blockchain explorer's. I've into into bitcoin since 2014 and notably many of the explorers in that list aren't known to me since I've been away from this for a while. I'll be using Blockchair for checking my future transactions!

[blue Snow]

Are there any other sectors that you believe blockchain technology will be of use in?

Yes, blockchain technology can be used in the education sector too. I just learned the research if blockchain is implemented that can save a lot of educational data. for example in college, there's a lot of data that they have to store manually on PCs and libraries but sometimes it is not effective, because the Old data is often deleted if any new data comes to be saved. So if blockchain technology is implemented for purpose, I really sure the data will be forever on blockchain and can be checked it by the public.

[Text]

What do you think of these statistics and the potential of blockchain in various sectors?

Are there any other sectors that you believe blockchain technology will be of use in?

I think these statistics are impressive and show the growing adoption and innovation of blockchain across different industries. Blockchain has the potential to create more efficient, secure, and transparent systems that can benefit both businesses and consumers.

Are there any other sectors that you believe blockchain technology will be of use in?

Some other sectors that I believe blockchain technology will be of use in are:

Education: Blockchain can enable the creation and verification of digital credentials, such as diplomas, certificates, and badges, that can be easily shared and verified by employers or institutions.
https://www.forbes.com/sites/bernardmarr/2019/07/01/how-blockchain-will-transform-the-e-learning-industry/?sh=2c0f3a1b4f8a

Energy: Blockchain can facilitate peer-to-peer energy trading, allowing consumers to sell their excess renewable energy to other consumers or the grid. This can reduce energy costs and carbon emissions.
https://www.wired.co.uk/article/blockchain-energy

Entertainment: Blockchain can enable the creation and distribution of digital content, such as music, art, and games, that can be owned and monetized by the creators and consumers. This can empower artists and foster creativity.
https://www.forbes.com/sites/forbestechcouncil/2020/01/06/how-blockchain-is-changing-the-entertainment-industry/?sh=6e7c5b2a5d7a

[GreatArkansas]

What we already have in Bitcoin right now is the best example of how Blockchain is great. It is very helpful in financial services by making it more efficient transparent and or secure.
As you can see how Bitcoin is very successful now, billions of money are in Bitcoin, which that means a lot of people trusting blockchain technology.

[Ruhila7]

I believe that the word blockchain has become a buzzword to increase one's business, let's say that many sectors that currently use it could do without it and in all honesty they would have more flexibility if they used simple databases but since you asked.  In addition to these sectors, blockchain could also be used in other fields, such as energy, real estate, education and copyright management.  Its ability to create shared, secure, and decentralized ledgers opens up possibilities for innovation in many fields.  However, it is important to keep in mind that its adoption can bring regulatory and technical challenges that must be addressed to maximize its potential.

Blockchain could empower kuch more in AI Era that will lead crypto industry to boom because block chain is a thing that keeps every record for a crypto and that will long last. And ignorant people will not understand this.

[pooya87]

Most of the links you shared on the subject are just hype and exaggerations based on hopes not solid data from real statistics. Blockchain is not something magical that can be applied to any field and suddenly it gets improved. Instead blockchain is a very specific database type that only works fine in a specific scenario. Namely as the ledger for a decentralized payment system. Using it elsewhere not only makes no sense but also will bring out the downsides of using blockchain.

Not to mention that majority of cases that are usually mentioned (and are in some of the links in OP) such as healtcare should not even be decentralized to begin with! Instead they need a controlled centralized database that can be accessed after going through different "filters".

[davis196]

Finance: The World Economic Forum suggests that blockchain could store 10% of global GDP by 2027, reshaping traditional finance.

The blockchain cannot "store" GDP, because GDP is the cumulative amount of goods and services, that were sold in a certain time time(usually one year). I guess that those analysts mean that the blockchain could store financial assets, that will be valued at around 10% of the global GDP by 2027. This is still very optimistic and I don't share the same expectations.
I'm also not very optimistic about the utility of blockchain technology. If blockchain technology was so awesome, then why all the businesses in the world didn't start using it since 5 or 10 years ago. I'm beginning to believe some crypto haters, who say that blockchain technology is just a "glorified database". Everything you could do with the blockchain can be done by using a simple online database.

[pooya87]

Finance: The World Economic Forum suggests that blockchain could store 10% of global GDP by 2027, reshaping traditional finance.

The blockchain cannot "store" GDP, because GDP is the cumulative amount of goods and services, that were sold in a certain time time(usually one year). I guess that those analysts mean that the blockchain could store financial assets, that will be valued at around 10% of the global GDP by 2027. This is still very optimistic and I don't share the same expectations.

They are talking about market cap that they claim can grow to 10% of global GDP ($8-$10 trillion) by extrapolating data of how it grew in the past years and is currently sitting at around $1 trillion.
It makes no sense to even compare GDP with sum of all shitcoin market caps but that's what they're doing

I'm beginning to believe some crypto haters, who say that blockchain technology is just a "glorified database". Everything you could do with the blockchain can be done by using a simple online database.

Blockchain is the slowest form of database that needs to have another big "normal" database on top of it to even be used. Even in bitcoin we have another "normal" database (a simple key-value db) called UTXO-set or ChainState to use the blockchain.

It is not the blockchain that makes bitcoin what it is. There are a lot of things from PoW to the distributed nodes that make it work. The problem with others is that they think they can just pull out one aspect (the blockchain) and gain all the benefits.

[Hamza2424]

Considering the term only Blockchain, it can be used in almost most aspects of our lives, but keep in mind not every blockchain can be used for every type of real-life integration, From data storage to security protocols. A year ago, there was an announcement by the Indian Police Department to integrate the Matci Blockchain with their development projects. Quite similar to that NFTs or Ordinals which we use to criticize the Bitcoin network can be used for security purposes and other utilities on a separate blockchain.

Similarly private Blockchains, Public Blockchains, Side chains, and Blockchain-as-a-Service (BaaS), can be used in our day to day usage in coming days.

[mendace]

I believe that the word blockchain has become a buzzword to increase one's business, let's say that many sectors that currently use it could do without it and in all honesty they would have more flexibility if they used simple databases but since you asked.  In addition to these sectors, blockchain could also be used in other fields, such as energy, real estate, education and copyright management.  Its ability to create shared, secure, and decentralized ledgers opens up possibilities for innovation in many fields.  However, it is important to keep in mind that its adoption can bring regulatory and technical challenges that must be addressed to maximize its potential.

Blockchain could empower kuch more in AI Era that will lead crypto industry to boom because block chain is a thing that keeps every record for a crypto and that will long last. And ignorant people will not understand this.

The blockchain is not the solution to all storage problems, even if it could give more reliability and transparency.  A blockchain like that of Bitcoin, for example, is immutable and the stored data cannot be modified, so if a company relied on one type of blockchain it would have big problems.  At the moment, as I have already said, I think it is a buzz word for an economic return.

[Dr.Bitcoin_Strange]

What do you think of these statistics and the potential of blockchain in various sectors?

Are there any other sectors that you believe blockchain technology will be of use in?

From some articles that I have read about blockchain technology, I have learned that blockchain technology is one great technology that can be very relevant in so many organisations, mostly schools and universities, because since every message that is stored on the blockchain cannot get deleted or compromised, it will really be very useful in that aspect. Although schools and universities have their own databases where they store every piece of information that they want, I believe that if someone has access to log onto that database, they can alter or edit any information on that database, but with the use of blockchain, information stored on blocks cannot be deleted. Also, I read an article about "how blockchain technology can prevent voter fraud," and I also believe that blockchain technology can be very relevant if used by the government during elections.

[so98nn]

I am pretty sure we are still way away from real world application of the blockchain. Consider this, we are surrounded by information technology field that means there is huge space for blockchain to inject itself into our world. The given stats are amazing for sure and can make things even better run in the future. Though I am not sure if we will have the technological advancement or not because as far as the current situation is considered we are only seeing blockchain used for data storage and integrity purpose. It could limit the usage in the future if we want to grow the applications of blockchain then they definitely need to revisit the codes!!

[retreat]

If we discuss the implementation of blockchain technology, it can be applied to various fields that require transparency and security in their transactions. Blockchain has proven to be a game changer which helps industries and institutions to be able to manage hundreds or even millions of transactions faster than using traditional technology. Development is also easier now and it doesn't require huge resources to be able to adopt blockchain technology. I am sure that in the future as the adoption of cryptocurrencies increases, blockchain technology will also be adopted by many companies, institutions or institutions globally.

[hugeblack]

It is not possible to build a correct perception based on these statistics because they are biased or inaccurate to provide an idea of the extent of blockchain acceptance. It is true that blockchain provides transparency and enhances governance and digitization in many sectors, but I see that there are better, more efficient and faster alternatives than blockchain that can perform the same work as blockchain at a cheaper price.

The best use of blockchain was in Bitcoin and cryptocurrencies, which added fundamental value to the concept of blockchain, and the banking sector may be the most beneficiary of this technology compared to other sectors.

[tbct_mt2]

It is not possible to build a correct perception based on these statistics because they are biased or inaccurate to provide an idea of the extent of blockchain acceptance. It is true that blockchain provides transparency and enhances governance and digitization in many sectors, but I see that there are better, more efficient and faster alternatives than blockchain that can perform the same work as blockchain at a cheaper price.

DAG is a good candidate for blockchain. Transparency is achievable with DAG and it does not require energy, mining like Bitcoin. I don't know what you implied with alternatives for blockchain but I guess one of them is DAG.

Six alternatives to blockchain for business to consider. In that article, one of them is DAG but so far it has yet been used too popular like blockchain ledgers and networks like Proof of Work, Proof of Stake.