Across the next five years, 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 the world, after the COVID-19 pandemic,
looks to be linking with Blockchains spreading access and security to worldwide
marketplaces.
1 Banking and Finance
The
unprecedented nature of the current times makes for an unsteady economic
system. With the impacts of COVID-19 felt on the global financial system,
solutions in the form of blockchain tech are increasingly being touted for
banking and finance, even at national levels.
These
proposed innovations are largely due to the success of cryptocurrency.
Cryptocurrency has flourished in recent years, with projections indicating even
broader integration. In the world of banking and finance, this trend has shaken
up the financial sector, evoking a wide range of responses from experts in the
industry.
2 Healthcare
The
healthcare industry faces a host of issues, exacerbated by the effects of
COVID-19. The threat of data breaches and inefficient record access make for a
problematic and costly environment for healthcare treatment and the study of
pressing health issues. Across the system, blockchain technologies can assist,
and their integration is growing fast within the industry.
Blockchain
in the healthcare market is expected to be worth $1.6 billion by 2025,
representing one of blockchain’s fastest-growing sectors. Blockchain tech can
aid in the problems healthcare is facing by offering security and accessibility
that the current system could never achieve.
3 Investment
Investments
can boost revenues to new heights for both investors and the companies that
build the experience. When Teehan and Lax invested in user-experience-focused
companies in 2006, they received a return of 39.3%, dwarfing the 8.5% average
returns on a hedge fund. User experience (UX) in tech is a huge indicator of
success, and that’s why UX is essential for the growth of blockchain across
sectors.
4 Ed-tech
Since the
onset of the pandemic and the subsequent lockdowns, the ed-tech industry has
seen a considerable upsurge in users. With schools and colleges shut, ed-tech
has been the savior for teachers, students, and parents as well. Innovative and
interactive teaching methods such as live classes, on-the-spot doubt clearance,
and practice papers are offering a fulfilling learning experience for students.
Not just students, the demand for skill-based and knowledge-based online courses has also soared among salaried professionals. This rise in demand for both students and professionals is undoubtedly accelerating the growth of ed-tech.
5. FMCG
& Retail: This sector has seen growth in this tough time. With continued
fear of complete lockdown, food-based retail chains and essential commodity
providers have emerged as winners. Given the heightened need for healthy food
and immunity-boosting products among consumers has further broadened the scope
for the companies in the product segment. These companies are revamping their
growth strategies with a focus on providing a value proposition to consumers in
existing categories, launching new products in the food and health categories,
enhancing the direct distribution reach in the rural market, door to door
services, etc. which will help them to achieve the growth in the medium term.
By this, companies have been trying to broaden their product portfolio and
reducing dependence on seasonal offerings.
Asindustries across the world adapt to COVID-19, the integration of blockchain
systems becomes increasingly more prevalent. Across banking and finance,
healthcare, and user experience, this technology is progressing all the time.
The gains of this progress mean safer, more convenient systems that transcend
borders and offer greater solutions in everything from payment systems to
remote healthcare.
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