Blockchain’s Fastest Growing Sectors in the Wake of Covid-19

If you have been following banking, investing, or cryptocurrency over the last ten years, you may have heard the term “blockchain,” the record-keeping technology behind the Bitcoin network.

Blockchain seems complicated, and it definitely can be, but its core concept is quite simple. A blockchain is a type of database. To be able to understand blockchain, it helps to first understand what a database is. 

A database is a collection of information that is stored electronically on a computer system. Information, or data, in databases is typically structured in table format to allow for easier searching and filtering for specific information. What is the difference between someone using a spreadsheet to store information rather than a database?

Spreadsheets are designed for one person, or a small group of people, to store and access limited amounts of information. In contrast, a database is designed to house significantly larger amounts of information that can be accessed, filtered, and manipulated quickly and easily by any number of users at once.

Large databases achieve this by housing data on servers that are made of powerful computers. These servers can sometimes be built using hundreds or thousands of computers to have the computational power and storage capacity necessary for many users to access the database simultaneously. While a spreadsheet or database may be accessible to any number of people, it is often owned by a business and managed by an appointed individual that has complete control over how it works and the data within it.

Across the next five years, the blockchain market size is expected to grow at a compound annual growth rate of 67.3%, going from a worth of $3 billion to $39.7 billion by 2025. These numbers indicate that blockchain is a technology capable of changing the world.

Recent factors like the global coronavirus pandemic are helping to speed this change, necessitating the integration of powerful technologies that enable connectivity in a socially distanced world in which remote work has become all the more common.

In three particular sectors, blockchain looks to change common policies and procedures in the wake of COVID-19, reorganizing ways in which business, security, and usability are managed.

Across banking and finance, healthcare, and user experience in digital tech, blockchain technologies are growing fast both in integration levels and in the improvement of processes. The future of our world after the COVID-19 pandemic looks to be linked with blockchains, spreading access and security to world-wide marketplaces.

1. Banking and finance
2. Healthcare
3. User Experience
4. Blockchain in a post-pandemic future

We hope you have found this article informative and interesting. For moreinformation or queries contact us to know more about this technology.