From storing data in a digital decentralised ledger to simplifying documentation, Blockchain has come a long way. According to the Business Research Company, the global blockchain services market is projected to grow from $4.7 billion in 2023 to $19.76 billion by 2027. “ Blockchain mostly remains a solution in need of a problem. There are inherent challenges for large-scale decentralization, particularly around cost and time, which prevent its adoption,” Utkarsh Sinha, managing director, Bexley, a boutique investment bank firm, told FE Blockchain.
One of the biggest advantages of Blockchain is that it facilitates traceability across the entire supply chain. Typically Blockchains store data in a digital decentralised ledger. As a result, it provides instant access to the status or authenticity of a product. Furthermore, smart contracts are yet another essential element of the Blockchain ecosystem. It is believed to simplify documentation such as licenses and certificates, among others. This reduces overall costs while eliminating reliability on third parties.“The Blockchain market is experiencing unprecedented growth and Web3 will help blockchain innovations to grow to $164 billion by 2029-30,” Pratik Gauri, co-founder, CEO, 5ire.