Startups Need to Weld New Links to Blockchain
Ever since Bitcoin came into existence as the first cryptocurrency in 2009, owing thanks to the developer Satoshi Nakamoto, Blockchain, which is the underlying technology of this alternative currency – has been in the limelight. Blockchain, also known as a distributed ledger technology, has forayed into the mainstream enterprise technology realm over the past few years, helping to drastically improve the transparency factor. The unique features of Blockchain technology such as decentralization, immutability, integrity, and
anonymity helped engender an array of use-cases beyond financial-applications, ranging from smart contracts to supply chain transparency, Internet-of-Things, reputation systems, security services, and wireless network virtualization among others.
Since the industry across the globe will have access to a global audience, the opportunities are humongous. Well, I am actually being too modest. The global Blockchain technology market size, which was valued at $3.67 billion in 2020 is expected to expand at a whopping CAGR of 82.4 percent from 2021 to 2028 to reach $394.60 billion! While one of the major driving factors of this exponentially growing market is the increasing acceptance of cryptocurrency worldwide, the startups showing courage to constantly find new use cases also helps significantly. For example, various hospitals in the UK are using Blockchain technology to track the COVID-19 vaccine. Coimbatore-based Trace Food is using Blockchain technology to bring transparency to the food supply chain and in turn ensure food safety and trust between all the stakeholders.
It’s quite evident that the key to unlocking the humongous opportunity ahead is constantly innovating and finding new avenues to leverage this marvelous technology. In this issue of CIO Insider, we are introducing a bunch of Blockchain startups that are manifesting the foresight to conceive this trend and come up with interesting use-cases for the technology.
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