Blockchain's Promising Future

By Armaan Shah

 

Consistently throughout the past few years, blockchain-based platforms have been taking the world by storm. Before delving into the future of blockchain, it is necessary to understand blockchain technology itself. In the words of Alex Murray, Assistant Professor of Management at the University of Oregon’s Lundquist School of Business, blockchain at its core, is, “a database that is housed on hundreds, if not thousands, of individual computers that record data that cannot be altered without consensus, yet it’s traceable and transparent.” From cryptocurrencies such as Bitcoin and Ethereum to NFTs (non-fungible tokens) like NBA Topshot, blockchain has provided a new wave of technologies and marketplaces with data security and transparency. As worldwide spending on blockchain solutions is expected to grow from $1.5 billion in 2018 to an estimated $15.9 billion by 2023, blockchain will grow enough to become an imperative aspect of modern-day society (Statista, 2021).


Blockchain will disrupt and go on to revolutionize a wide variety of markets and industries. According to CB Insights, blockchain technology has the potential to transform 58 industries—ranging from voting to art (CB Insights 2021). Adam Caplan, Senior Vice President of Emerging Technology at Salesforce, said, “Blockchain will change voting in the long term and this is already happening in certain countries.” On a different note, NFTs are currently disrupting the art industry; in fact, transactions involving NFTs increased from $41 million in 2018 to $340 million in 2020 (Statista, 2021). These NFTs are “one-of-a-kind” assets in the digital world such as video collectibles and paintings.


Those who are soon to enter the workforce should realize the benefits of blockchain. Considering the diverse group of markets that blockchain will ultimately impact, a plethora of career paths will form. “I always think it is crucial to follow something you’re passionate about, and with blockchain technology, it’s easier to do that because of the wide range of industries it impacts,” said Mr. Caplan.


Simply put, the acceleration of blockchain’s growth is noteworthy as more and more blockchain-based firms are being created. The diversity of markets blockchain solutions have significantly impacted and will go on to influence should be acknowledged by the general public and be harnessed to its full potential.