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How far Blockchain has come: the State of Blockchain

by Soft2share.com

No doubt blockchain has taken the technology sector by storm. Cryptocurrency, smart contracts, and more – several areas have been revolutionized. Since 2008, the time Blockchain, came to light, it has created a widespread impact. In the last decade, blockchain has created a widespread ripple.  But where has it come so far?

Industry-wise, blockchain technology has found various applications, including artificial intelligence. Here’s a look at some statistics:

  1. 84% of executives believe blockchain will reach the mainstream eventually according to Deloitte’s 2018 report.
  2. 32% of companies are in the development stage of blockchain projects.
  3. The blockchain market is expected to reach $16 billion by 2024, according to Fintech Global
  4. By the end of 2024, the annual revenue of the blockchain market will reach $20 billion

From the traditional agriculture sector to technology – blockchain has been advantageous to all.

Blockchain in agriculture
Agriculture employs 40% of the world’s workforce. That alone should give an estimate of the impact it can have. In 2017, the value of blockchain in agriculture and food amounted to $32.2 million and is projected to grow to $1.4 billion by 2028. 

  1. Procurement tracking.

    The supply of food from farms to plates involves numerous intermediaries, which increase the cost of the supply. A single link between suppliers (farmers) to buyers (restaurants, hotels, wholesalers) will reduce the cost considerably by cutting intermediaries which increase the cost unnecessarily. Thereby, reducing the cost of food. The transparency will be increased to a large extent.    
  2. Reduce food fraud
    The united nation says the food fraud costs the global economy $40 billion per year because of illegal trades. Using blockchain, a tab on abundant supply and illicit trades can be kept.

Furthermore, blockchain can be used for crop production by collecting data using IoT and smart devices to make farming processes easier. It can increase production quality.

Blockchain and artificial intelligence

Data security

The data held on a blockchain is highly secure due to the cryptography inherent in its storage system. This can be utilized by data storage systems used for building artificially intelligent systems which require to be fed data collected from various sources.

Companies spend a large amount of money on securing the systems utilized for this. For instance, Amazon and Netflix recommendations that collect our personal preferences to suggest what to buy or watch next respectively. Securing personal data is a costly process. The blockchain database will be highly secure.

Help humans understand AI’s decision making

The way AI makes the decision is a complex process. It involves a number of variables, which is a challenging task for humans. The way AI arrives at a decision is a complex algorithm. As blockchain stores data (variables) auditing the outcomes will be easier and comprehending the decision-making process will easier for humans. In a nutshell, blockchain will be helpful in understanding artificial intelligence.

Blockchain Job market

The blockchain industry has expanded across various industry sectors. Such that demand for blockchain developers and professionals has grown exponentially in the past decade. Paul Dupuis, managing director, Randstad India says, “We believe the number of blockchain practitioners has increased by a factor of 100% over last year, with demand increasing equally.”

Consequently, certified blockchain professionals have grown in popularity. Looking at the demand, best blockchain certifications prepare professionals not only with tech skills but also with the business skills required to develop an eye for the outlook for the industry. 

Blockchain has impacted healthcare, manufacturing, IoT, etc. That’s a small contribution blockchain has made so far. Going by the reports, it will continue to make a more significant contribution. However, who can really tell what future has blockchain? Only time will tell.

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