Blockchain this year made great strides on its path to being globally embraced, moving from proof-of-concept demonstrations to inclusion in systems carrying commercial traffic. Much of this due to a combination of cryptography and automation giving it a wide range of applications across several industries.
The appeal is so great that a new report from Tractica found that increasing adoption of enterprise blockchain will take the market from $4.6 billion in 2018 up to $20.3 billion by 2025.
Principal analyst Joe Hoffman spoke about the applications for blockchain in a press release, saying, “Markets and applications ripe for blockchain are those where trust among participants is low and the need for records security and integrity is high. New market opportunities can be created with blockchains without ever having a trusted authority other than the enterprise blockchain network, a key factor that will accelerate adoption in the years to come.”
Titled, “Blockchain for Enterprise Applications”, the report delves into the big industry players, market trends, key use cases, and technology issues as blockchain shifts from one-off projects towards a general-purpose technology. In total there’s 29 use cases across 19 industries segmented by global regions and implementation category,as well as profiles of 39 industry innovators.
Tractica’s research found that the top five industry sectors for blockchain adoption are:
- Financing
- Manufacturing
- Government
- Healthcare
- Insutrance
The report also detailed the potential top 10 use cases for enterprise blockchain, which it forecasted as:
- Trade Finance
- International Currency Transfer
- Syndicated Loans
- Post-Trade: Clearing & Settlement
- Automated Compliance
- M2M IoT Asset management
- Payments
- Crowdfunding + VC
- Supply Chain Management
- Patient Records Management
