Five facts about blockchain that we can't ignore
Blockchain has been in development for over ten years now, and even in 2019, it has yet to become established. Meanwhile, an increasing number of critical voices are asking when the technology will finally gain momentum. According to the Gartner Hype Cycle, however, the “Year of Blockchain” is not that far off.
"Although the industry still has a lot of fundamental issues to resolve, all the signs are already pointing to standardization," explains Teal CMO Michael Pruban. The Teal team has compiled five facts that even blockchain doubters can no longer ignore. Teal is a new smart blockchain ecosystem from Europe. It combines the decentralized infrastructure of blockchain with a proven, associative AI technology to create a variety of new applications for consumers and businesses.
1. Blockchain will become the standard in 2024
Blockchain is now more than ten years in the making, but has still not fully arrived in everyday life. This is hardly surprising when you compare it to the World Wide Web - which has been in development since the 1970s. Fortunately, the decentralized storage and transaction structure, the distributed ledger, will establish itself much faster: Gartner's Hype Cycle predicts that the blockchain will leave the valley of tears in 2024 and will then have finally arrived on a broad scale.
2. the economy has blockchain firmly in its sights
The potential applications of blockchain are diverse, which is why 84% of companies are already working intensively with the infrastructure. According to Bitkom, 36% of large companies even assume that blockchain will have a similar impact on society and the economy as the internet.
3. the blockchain is a driver of innovation
Blockchain can not only change processes and business models, it also offers completely new scope for innovation, even outside of business. The UN World Food Program (WFP), for example, uses Ethereum to provide people in need in Jordan with financial aid to buy food. Another example is the travel provider TUI. They are working on using blockchain to do away with travel agents altogether.
4. the blockchain is global
One of the advantages of the infrastructure is that it can be used anywhere in the world. This is also confirmed by PwC's global blockchain study. According to this study, a full 84% of the organizations surveyed already have points of contact with blockchain.
5. the value of the blockchain is enormous
The added business value of blockchain will increase to just over 176 billion US dollars by 2025. By 2030, it will reach over 3.1 trillion US dollars. This is according to Gartner's business value forecasting methodology, which quantifies the value of technology innovation.
Michael Pruban, founder and CMO of Teal: "Blockchain will clearly establish itself as the standard and change our society. The signs of this are already clearly visible. Anyone who still doesn't want to acknowledge this and doesn't at least begin to get to grips with the infrastructure is running out of time."
