Blockchain technology has come a long way since the advent of cryptocurrency 12 years ago. Although the technology was first adopted for decentralized cryptocurrencies, it has the capacity for application in wider use cases than just currencies. Indeed, the technology has been adopted for many other purposes, and this adoption is still growing. This article reviews how the blockchain market has grown over time and why it is likely to grow even bigger in 2021.
The Blockchain Market Has Grown Significantly unsplash.com
Since cryptocurrencies came as the first application of blockchain technology, many other sectors have embraced it. This includes those who argue that cryptocurrencies are not legitimate and should not be encouraged. This is because technology brings many advantages to the table that are relevant to todays business world.
These advantages include speed, ease, cost reduction, and transparency. These characteristics of blockchain technology make it relevant in many industries at the same time. For instance, to make payments, such as with cryptocurrency, there is speed and low charges, particularly with altcoins. One can send millions of dollars in seconds, and it will only cost a few cents. This is a big shift from old payment methods that charge percentages of the amount and could take days to complete.
Businesses today are looking to save cost and time while maximizing profit, which is what drives them to the technology. The blockchain trends suggest that this attraction of businesses isnt slowing down, and 2021 could be a year in which a much wider adoption can be expected.
Sectors That Have Entered the Blockchain Market Payment
One sector that has really settled in the blockchain market is the payment industry. So far, blockchain-based payment has become very common with digital currencies, such as Bitcoin, Ethereum, and many more. The use of
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