How we know Blockchain is changing the world pt. 1

in #vyb5 months ago

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Here are a few facts that tell us that blockchain is changing the world as we know it:

According to Statista, "...the distribution of the global blockchain market revenue was heavily distributed towards the banking industry, which has a market share of almost 30 percent. While process manufacturing accounted for 11.4 percent of worldwide blockchain spending."

These numbers are continuously growing this year, and they are suspected to continue rising.

When looking at more of the statistics on this site, Source, we can also see that the distribution of the blockchain market worldwide also influences:

  • 11.4% of process manufacturing
  • 10.9% of discrete manufacturing
  • 6.6% of professional services
  • 6% of retail, and
  • 35.3% miscellaneous

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According to Fortunly, "By the end of 2018, about 90% of U.S. and European banks and financial institutions had begun exploring the adoption of blockchain technology.

When it comes to the financial sector, it is the sector that leads in the amount of money that is invested into blockchain-based projects.

It is researched that about $552 million was spent by these institutions on blockchain-based projects.

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"The costs of transactions using blockchain are millions of times cheaper than transaction costs in traditional economy." -Etherscan

It was researched that the transaction fee for transferring about 850,000 Ether- equivalent to over $1 billion, is only $0.19, according to Fortunly.

This very small transaction cost could reduce the number of bank fees (for the bank and the customer), and add more value to businesses, among other things.

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The current market value of blockchain technology, according to Grand View Research, is about $10 billion USD.

In 2030, it is expected to grow to $1.43 trillion USD, which is an 85.9% growth rate.

Some of the key companies that are mostly responsible for this growth are:

  • IBM Corp.
  • Microsoft
  • Chain, Inc.
  • The Linux Foundation
  • Monax,
    etc.

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