Technology has changed the way we continue to work in today's environment. Technological advancements over the time have facilitated companies to place their product in close proximity to their customers. Today's customers are aware of the products and services being offered by the companies, and more so the segments; in which these companies are further strengthening the positioning of its products and brands with the use of groundbreaking technologies of the future.
As companies continue to transform themselves in the era of intense competition and when you think of the drivers for new technology that are mobility, cloud services and the consumers that have evolved and adapted to the technological advancements over the time. One such new technology that has taken the world by storm is the BLOCKCHAIN technology; which is termed to be the next big revolution to be seen in our lifetime after the advent of the internet.
Blockchain technology is already making a transformational impact in the Financial service sector whereby it is enabling and leveraging the peer to peer payments system across the globe.
Bitcoin (Cryptocurrency) happens to be the key driver which is simplifying the financial transactions using the same technology for reliable electronic cash transmit a method to transfer money from one party to another at a minuscule cost as against the traditional channels.
According to analyst the global blockchain market is valued at almost $700 Million in 2017 and is estimated to grow to the excess of $60 Billion by the year 2025 with a compound annual growth rate (CAGR) of more than 58% is definitely something to watch for as it rises exponentially.
As the blockchain technology continues to impact and grow by leaps and bounds; one does anticipate a permeable presence in fields like healthcare, transportation, public sector and many more in the times to come.
Recently, there has been a huge impetus to this technology as some of the government's openness and use of blockchain technology and especially the use of Bitcoins for carrying out financial transactions. However, some of the governments are still playing the wait and watch approach as the lawmakers and regulators continue to restrict and find ways to regulate the market due to the anonymity nature of any such transaction which could be of illegal and criminal in nature.
As we continue to brace ourselves for rapidly changing future where the use of many such technologies will be overseen by our governments and the respective enforcement agencies for the legality and its benefits; but as with all great technological disruptions the true power lies in the hands of we the humans who are the real benefactors.