It’s no longer news that the blockchain solutions are increasing in popularity. By 2023, the number of enterprises that are planning to adopt blockchain technology is determined to increase. Based on the Data collected by InsideBitcoins.com revealed that about 38% of organizations would incorporate blockchain solutions into almost all their operations in 2023.
Based on the data, about 15% of the enterprise will massively incorporate blockchain solutions into their operations, while 23% will have to incorporate it to manage diverse operations averagely. Most organizations are also doing their best to incorporate technologies such as the Public cloud while 79% of enterprises are planning to either massively or averagely incorporate technology.
In other places, about 72% of enterprises will incorporate Artificial intelligence and machine learning. In comparison, other technologies that will be incorporated include Robotic process automation (58%), Private Cloud (70%), Containers (63%), Multi-cloud (63%), Serverless (51%), Edge computing (46%) and ChatOps (40%).
Moving in the direction of AI is targeted towards assisting organizations in occupying skill gaps and automating processes to enhance efficiency. For containers, it assists in decreasing the costs while robotic process automation (RPA), helps in increasing efficiency and enhances employees’ ability to attend to customer demands within a short time.
The incorporation of Edge computing assists organizations gains insights into how products are being executed and how customers are making use of them. Organizations are also shifting to the direction of cloud technologies to secure data.
Major Organizations Taking Of Advantage Of Blockchain Technology
From the establishment of blockchain technology, lots of businesses and organizations are rapidly leveraging the benefits that come with the total package of this technology. The majority of the businesses and organizations are taking diverse approaches by planning to build their customized versions of blockchain and cryptocurrency. Therefore, the number of blockchain startup companies emerging globally is on the increase.
The financial sector is the leading sector in incorporating technology worldwide. Blockchain technology has been applied in almost all sectors of finance, such as investment management, capital markets, payments and remittance, trade finance, banking, and lending and insurance.
Nevertheless, all through the years, blockchain technology has also spread its wings in other sectors such as agriculture, real estate, logistics, healthcare, law, etc. For instance, in the healthcare sector, blockchain technology helps inpatient data management. With the help of blockchain solutions, patients can connect to other hospitals and automatically have access to their medical information.
Also, blockchain technology can be used to gain access to the supply chain of every product under diverse sectors. Currently, the technology is used in improving food safety, providing logistic solutions, and securing valuable metals such as diamonds.
Goals For Digitization Of Businesses
Based on the data, enterprises are always guided by diverse goals when it comes to major digital transformations. Customer experience is the essential goal for digital transformation, with 69% of entities regarding its significance. However, 24% believe that customer experience is essential to an extent.
Enhancing the quality of products and services is the second reason for moving digitization with 57% regarding it’s essential, while 39% find it important to an extent. Entities also regard new products as the main reason digitization with 53% finding it essential, while 41% finds it very important. For an enhancing market drive, 53% regard it essential, while 33% see it has significant in moving digitization.
In other places, technology is the major priority for the digitization of operation at 52% see it as important, while 43% regard it as something essential. Saving costs are another factor behind digitization with 52% significance, while 42% find see it as something important. About 40% of business entities regard the team re-training as significant, while 48% is somewhat important.
Finally, partners also play a significant role in moving the incorporation of digitization solutions with 31% of enterprises regarding it as essential, while 52% consider it as something important.
Blockchain technology is a record of transactions established on diverse devices that are immediately updated within a total network whenever a transaction is being added. Based on the blockchain design, technology is appealing to businesses based on its security and verifiability of transactions. Fundamentally, blockchain technology is raised on three key pillars which are: transparency, decentralization, and immutability.
Private and permission blockchain systems are some of the most common approaches of blockchain use within businesses and organizations, and the technology is commonly used for cross-border payments and settlements.
Amid a crisis such as the present COVID-19 pandemic, the blockchain technology may prove its significance since it can’t be taken offline contrarily to the centralized tracking services. Also, the transparency of blockchain is important during the period of crisis since it assists in controlling problems and panic as well as simplifying operations.