Ever since the first digital currency was launched about a decade ago, discussions about blockchain’s potential have continued to increase. And if we are to look at the statistics, Grand View Research estimates the global market to have already surpassed the $31.28 billion mark. Surprisingly, this research institution thinks the market may actually expand by a 90% CAGR in the next few years to reach unprecedented levels by 2030.
From these statistics alone, a lot of things are indeed happening around blockchain technology, especially after Trump won the US election. If you remember very well, it was after this time that Bitcoin hit its highest price in history. New meme coins have also been launched, with investors taking a keen interest in the Trump coin price, among many others.
All these developments could potentially affect the future and drive the further adoption of blockchain in various sectors. So, if you truly want to know whether blockchain is the new future, you will do well to hang around.
The prevailing need for online security
There’s never been a time when online safety has been emphasized as much as it is now. Given that, according to Astra Security, about four companies are affected by ransomware attacks every minute, the need to ensure online security has become very apparent. As if that’s not enough, the cost of recovering from a data breach is about $4.88, which could increase in the coming years.
This is without mentioning how these incidents can negatively affect your brand perception. Think of it this way: you wanted to purchase an item online but received rumors that the particular shop selling it was involved in a data breach a few months ago. Would you still proceed with your intentions? There are high chances that you won’t, and this aligns with a study by Help Net Security that claims that up to 70% of customers might never shop with a brand again if such happens.
With such statistics in place, you definitely don’t want to be counted among those on the losing end. Thankfully, technologies like blockchain can really help improve your security efforts. Known for its decentralized infrastructure, this technology ensures there is no single point of failure, making it hard for hackers to compromise the entire network. Plus, it adopts advanced encryption methods to secure data with unique cryptographic hashes. As a result of these benefits, more organizations could actually open up to blockchain.
The growing need to be financially inclusive
There are regions, especially in Africa, that are still grappling with the issue of financial exclusion. In fact, you may be surprised to discover that countries like South Sudan have less than 10% of their population owning formal financial accounts. Well, in other regions like America, things are a bit different. Even though almost everyone has an account in the US, about five percent still remain unbanked.
However, if countries in these regions want to improve their financial stability, they can’t ignore this unbanked population. Blockchain, with its cheap transactions, can really help these people easily access financial services. Actually, PwC recently conducted a study that revealed that most blockchain-powered payment methods cost only about 0-1% of cross-border remittances.
This was unlike traditional financial institutions that needed up to 2.7-3.5% to complete the transactions between the US and the markets in question. Such features could actually trigger a new revolution where more companies adopt this technology to reach these crowds effectively.
What about instant payments?
Do you actually know that, according to PYMNTs.com, instant payment stands out as a crucial part of the customer experience for close to 78% of shoppers? With the tech improvements of our modern day, no one wants their payments delayed. In fact, it seems as though not catering to such demands might be a great disservice to any business seeking long-term success.
Plus, remember that acquiring new customers has never been as expensive as it is today. The business world has grown to become more competitive, and organizations need to adopt innovative measures to stay ahead. Thankfully, blockchain-based payments are not just cheap; they are also fast. And now that many customers expect their transactions to be completed immediately, we may see more organizations turn to blockchain for help.
Never forget that aligning your products and services with customer needs can really add to your competitiveness. Can you imagine that, according to SuperOffice CRM, companies that do that can increase their profitability by 60% more than those that don’t? And now that no one would want to miss out on such benefits, businesses might actually begin implementing this technology to improve their relevance.
What is our concluding word?
Well, at least by now, you can agree that blockchain seems to have a bright future. This is partly because the country with the largest GDP has a pro-blockchain administration in place. You can actually tell this is true because, towards the end of last year (2024), tokens like Bitcoin registered significant highs never seen before.
Another reason blockchain could become a new future is its benefits. Modern shoppers highly seek things like instant payments and better security, which may encourage its further adoption. However, it’s important to note that these are speculations, so keenly watching the industry to see the outcome of events might really help.
