How will Blockchain impact 2021?
Blockchain is another technological advancement that is likely to greatly impact our society within 2021. Blockchain is closely associated with cryptocurrency, however, it’s a tactical strategy being employed to revolutionize a number of multi-sector industries. IT consultants are wise to pay attention to blockchain because it will likely provide the technological framework for a variety of transactions, particularly within the financial industry. The efficiency and security blockchain enable could transform fields like real estate, law, accounting, and many more. Understanding technology will allow consultants to solve complex problems for clients more efficiently and effectively.
Bitcoin – specifically its meteoric rise in value – makes most of the headlines, meaning that many people are unaware that the technology has a plethora of uses in industries from pharmaceuticals to finance to diamond mining. So, while cryptocurrencies have proven robustness (it doesn’t appear that any has ever been successfully hacked or cracked), businesses around the world are busy proving it can also drive efficiency and reduce costs across everyday operations. Investment in blockchain technology by businesses is forecasting to reach in upwards to $16 Billion by 2023. By comparison, spending was said to be around $2.7 billion in 2019, and we will see this acceleration ramping up over this year of 2021 and beyond.