Today, blockchain technology has evolved to become one of the most revolutionary and advanced technological developments of the 21st era. Its application can be extended much beyond dealing with bitcoin transactions to industries like fashion, logistics, and even to humanitarian causes like providing global identity solutions for refugees. Today, there are lots of industries like trade finance, healthcare, cybersecurity, etc. that are using blockchain technology. Although the blockchain market will witness promising growth, concerns such as cost, security threats, complexity in understanding, and many more are preventing industries from adopting this technology.
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The interest associated with blockchain technology is skyrocketing the growth of the blockchain market all around the world. That being said, here are the five latest developments in the blockchain market:
5 Latest Developments in the Blockchain Market
Blockchain in human resource
Recruitment and HR are two sides of the same coin, but recruitment consumes a lot of time as well as resources of the HR department. This is one of the major reasons why organizations prefer a third party or external recruiters today. But such methods obviously come with a hefty associated fee. Since most of the candidates’ information sourced during the recruitment phase can be viewed on the blockchain, there’s a huge amount of processes getting streamlined. Resumes will be a thing of the past and grades, certificates, work history, and experience will be easily verified and visible to people with direct involvement. This development will add a new chapter to the growth of the blockchain market.
Continue reading to know more about trends affecting the blockchain market.
Blockchain market size expanding dynamically across Asia and the Middle East
Banks in countries like Japan and South Korea have put forth their foot by testing a new type of blockchain technology that will enable them to achieve same-day transfer of money internationally. This would help reduce their costs by almost 30%. With developments such as this, the blockchain market is set to spread its wings across Asia and the Middle East.
Blockchain adoption to be amplified by cybersecurity
Due to a rise in the threat of ransomware attacks demanding money in the form of cryptocurrency, cybersecurity and blockchain technology providers have to amplify their focus on security. Companies in the blockchain market are going to incorporate blockchain cybersecurity tools shortly, which may sound like a fantastical thing of the future, but it will definitely be a revolutionary development in the blockchain market. There is a high need for a better and more secure technology in which keys are not held by anyone and this can be clearly realized by the recent failure to identity data systems.
Blockchain to address green technology challenges
Renewable energy technology has certain challenges associated with it like automated production and consumption tracking, validation, payments, transparency, incentives, and security. Much of this is due to the way the energy market functions – it is driven by abundance not scarcity and is more volatile in nature. Blockchain technology has the capability to mitigate each of these challenges and fulfill the requirements of each of the participants at every layer of the market. This will obviously have a positive influence on the blockchain market size.
Automation and privatization going to rule
The enterprises dealing with automation, process digitization, physical assets, and activities’ tokenization and codification of complex contracts will undergo a digital transformation due to the blockchain market. Additionally, governmental regulations will continue to affect Bitcoin and Ethereum and this will, in turn, force enterprises to privatize blockchains. But this will certainly not hamper the growth of core cryptocurrencies.
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